manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call
Close
Log in

Trying to gain a foothold in the overboughtness area

03 May 2016, GBP/USD

Four-hours chart of GBPUSD. Following to an extended consolidation, the pair has broken (8/8), and entered the overboughtness zone. Now it is trying to gain a foothold there. Ao far, bears have not bared their teeth. Therefore, growth of the pair is the main option. Goal is (+ 1/8). If the price returns below the level (8/8) and consolidates there, this scenario will be canceled.

Trading solutions: keep Buy trades. Those who are not in the market can enter from the four-hours Supertrend line.

Nikolay Krishtopov
FreshForex Analyst
See also:
Agree with the review?
Traders' opinion:
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .