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The pais is failing to cross (3/8)

18 August 2016, GBP/USD

Four-hours chart of GBPUSD. The pair has pulled back, but found support at the four-hours SuperTrend line, from which the price has resumed its short upward movement. Bulls were unable to push through the resistance area formed by the level (3/8) and the SuperTrend Daily line. As long as this area is not crossed, we cannot discuss continuation of the rising correction. Therefore, the main option is a pullback down to the closest target level (2/8).

Solutions: sell from current levels with a stop set at the local High. The closest goal is 1.2939 (2/8)

Nikolay Krishtopov
FreshForex Analyst
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