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The price has failed to consolidate above (4/8)

The price has failed to consolidate above (4/8) | 24 August 2016

24 August 2016, GBP/USD

Four-hours chart of GBPUSD. The price has retest major support and resistance level (4/8). Since the price has failed to consolidate above (4/8), the main option is drop of the pair. The goal is the support area formed by 1.3062 (2/8) and the SuperTrend Daily line. Continuation of the upward movement will be considered as the primary option only after consolidation above 1.3184 (4/8).

Trading solutions: sell from current levels, put stop loss order at the local High, target is 1.3062 (2/8)

Nikolay Krishtopov
FreshForex Analyst
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