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An opportunity for correction

An opportunity for correction | 07 July 2016

07 July 2016, GBP/USD

An opportunity for correction

Four-hours chart of GBPUSD. Buyers managed to hold the price on (1/8). It is too early to talk about the reversal scenario, since we have no confirmation such as consolidation above the four-hours Supertrend Line or above (2/8). But from current levels, we may see a corrective pullback to the intermediate resistance level (2/8), everything at the local level. In the medium run, the downtrend is still in effect, so decline of the pair remains to be the core option. Reaching of the main support level (0/8) by the price is a matter of time.

Nikolay Krishtopov
FreshForex Analyst
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