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Nearing the strongest level in the system

Nearing the strongest level in the system | 19 August 2016

19 August 2016, GBP/USD

Four-hours chart of GBPUSD. After a brief consolidation, the pair has broken the intermediate resistance level (2/8), and continued the upward movement. Now the pair is on the main level of support and resistance. It is the strongest level in the system, which is not always easy to pass on the first try. Therefore, from this level we expect a local downward correction targeting (2/8). Continuation of growth will become relevant after consolidation of the price above (4/8). If bulls manage to do that, the next target will be surge to (6/8).

Trading solutions: no

Nikolay Krishtopov
FreshForex Analyst
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