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Bears control the situation

Bears control the situation | 12 August 2016

12 August 2016, GBP/USD

Four-hours chart of GBPUSD. Having failed to gain a foothold above the four-hours SuperTrend line, the pair resumed the downward movement. Now we see the second approach to the local level of support (2/8). Retest of this level may be successful, at least all there is evety chance for that. On the breakdown of this level, the price is expected to reach this year's lows and possibly update them. Growth of the pair is not considered. Growth from current levels is certainly possible, but as long as price is below Dailyy Supertrend line, we can not discuss outlook of upward movement.

Trading solutions: keep yesterday's sell orders and transfer order into the black. The goal is the same, at the reversal level 1.2817 (1/8)

Nikolay Krishtopov
FreshForex Analyst
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