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The pair has reached a strong resistance level

07 September 2016, GBP/USD

GBP/USD: pair has reached strong resistance level

The four-hours chart GBPUSD. The goal on the main resistance level (8/8) has been reached. But the price is quite seldom able to cross this level without pullback, so we wait for correction in the form of a downward pullback. Bulls have all prerequisites for further rising movement. So after apullback to the four-hours Supertrend line, we can see beginning of new rising wave and entrance to the oversoldness area with first goal (+1/8), and the next possible goal on (+2/8) .

Trading decisions: the goal 1.3428 (8/8) has reached and we can settle in profit

Nikolay Krishtopov
FreshForex Analyst
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