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Correction | 16 August 2016

16 August 2016, GBP/USD

Four-hours chart of GBPUSD. The pair continues to move down. The target - the reversal level (1/8) - has not been reached. We should not expect a rapid decline to this mark, because it is the Low and not only the Low of the current year. Thus, bulls will put a very strong pressure as the price is nearing this level. Today we expect a corrective upward pullback to this level (2/8) and from it a new descending wave may start. Alternatively, we may expect a surge to the SuperTrend Daily line

Trading solutions : close sales at current levels. There are no new signals.

Nikolay Krishtopov
FreshForex Analyst
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