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Expecting the price on the level (4/8)

Expecting the price on the level (4/8) | 31 August 2016

31 August 2016, GBP/USD

Expecting the price on the level (4/8)

Four-hours chart of GBPUSD. The level (2/8) continues to hold the price from a deeper decline. The four-hours SuperTrend line is holding the price at the top. As a result, we've obtained a local flat with clearly defined borders. The main option is exit of the price from the flat in the upward direction, because now support area is stronger than the local resistance level, serving as the upper border of the horizontal channel. The alternative option is the breakdown of the flat and a continued downward movement. A continued flat is not expected, since it is quite narrow, and the pair usually does not spend a long time within these narrow ranges.

Trading solutions: none

Nikolay Krishtopov
FreshForex Analyst
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