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Pressure remains

17 October 2016, GBP/USD

Pressure remains

Four-hour chart GBPUSD. All attempts of buyers to gain a foothold above (2/8) came to nothing. The pair could not consolidate above the four-hours SuperTrend line. Since the level 1.2207 (2/8) was broken, the main option is drop of the pair. New local Low at 1.2085 is going to be updated, then we can see a corrective pullback to retest (2/8) from the reverse side. The upward movement will be resumed only on return and consolidation of the pair above (2/8).

Solutions: none

Nikolay Krishtopov
FreshForex Analyst
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