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Trying to gain a foothold in the overboughtness area

Trying to gain a foothold in the overboughtness area | 03 May 2016

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
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