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Bears had a rest, whereas bulls had a bit of fun

Bears had a rest, whereas bulls had a bit of fun | 29 March 2016

29 March 2016, GBP/USD

Four-hours chart of GBPUSD. I think bears will seize the initiative. An additional signal would be breakdown of the Daily SuperTrend line from top to bottom. Goal for drop is not a usual level (4/8), but the four-hours Supertrend line, because rebound from the level (5/8) confirmed assumption about movement of the price within the horizontal channel (3/8 - 5/8). By now, the level (4/8) has lost its relevance. On the upside, bulls need to break through here and keep the price above the level (5/8).

Trading solutions: Those traders, who did not closed at the Daily SuperTrend line before, should close on current levels and re-target goals to the bottom

Nikolay Krishtopov
FreshForex Analyst
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