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We are waiting for response of bulls

We are waiting for response of bulls | 04 April 2016

04 April 2016, GBP/USD

Four-hours chart of GBPUSD. After the price has left an oversoldness area, it lost a lot. But it is worth to pay attention to a sufficiently strong price rebound from the main support / resistance level (4/8), which suggests that bulls will not give up their positions, too. Therefore, today we expect growth of pair. The goal is a modest level (6/8). For more ambitious goals, bulls need to show a real strength. So, if downward movement continues, with high probability we can expect breakdown (4/8) of the level with a deeper drop and possible stop at the level of (3/8).

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Nikolay Krishtopov
FreshForex Analyst
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