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The pair has left overboughtness area

20 May 2015, GBP/USD

The pair has left overboughtness area

4 hours’ chart of GBPUSD. The pair has forced the level (8/8) and has left overboughtness area. This is a pivot point and, as a rule, it tells about reversal of trend or at least about a vey strong pullback of price. As of now, we expect further decline of price with the first target based on the level (2/8). The level (4/8) can be considered as the middle-term target.

Nikolay Krishtopov
FreshForex Analyst
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