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Bulls have not justified expectations

06 April 2016, GBP/USD

Four-hours chart of GBPUSD. Bulls were unable to build on this success. Bears led a successful counterattack by updating the local Low slightly above the level (4/8). In the previous review, I noted this level and said that on its breakdown bears would get a chance to continue a decline. In fact, today we are considering this option as the primary one. Now the pair is consolidating at the strongest level in the system, but as long as the price is below the four-hours SuperTrend line we not discuss outlook of growth. Target of the drop is the level of (2/8)

Trading solutions: no

Nikolay Krishtopov
FreshForex Analyst
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