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Retest of (4/8)

26 August 2016, GBP/USD

Four-hours chart of GBPUSD. Buyers failed to go on with their winning march. The pair pulled back down to support level (4/8). But, despite its inability to be held above this level, we have not seen a significant upward rebound from this level. Therefore, the main option for today is drop, its proof will be breakdown of the level (4/8) from the top to bottom. In this case, in the medium run, we can see the price at (2/8) again. Continuation of the upward movement will be relevant if the price manages to hold above the level (4/8).

Solutions: none

Nikolay Krishtopov
FreshForex Analyst
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