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An attempt to retain the price above (8/8) has failed

An attempt to retain the price above (8/8) has failed | 31 March 2016

31 March 2016, GBP/USD

The four-hours chart of GBPUSD. Bulls managed to push the price above the main resistance level (8/8), but, as we see, they have to retain the price failed in the overboughtness zone. This is an alarming signal for them. Bears do not want to give their positions and are now trying to seize the initiative. So far, they succed in this task. From the current levels - the four-hours' SuperTrend line - we can expect an upward rebound. But as the price will approaching the mark (8/8), pressure will increase and from this level we can expect a strong downward bounce. The closest goal of the drop is the intermediate level of support (6/8)

Trading solutions:. sales ofrom the level of (8/8)

Nikolay Krishtopov
FreshForex Analyst
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