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The pair has stopped on the reversal level (7/8)

30 April 2015, GBP/USD

The pair has stopped on the reversal level (7/8) 4 hours’ chart of GBPUSD. The pair continued its growth and now we witness a rather notable bounce of the quote from the reversal level (7/8). As we know, when the price reverses on this level, the following target for its decline is the main level of support and resistance (4/8). But meanwhile we don’t take this option as the main one, because we have a rather strong ascending trend and don’t have confirming signals for reversal. If the price is consolidated below the line 4 hours’ SuperTrend, it would confirm a reversal. Before that we consider growth of the pair as the main scenario and its target is the main level of resistance (8/8).

Nikolay Krishtopov
FreshForex Analyst
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