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Bears are strong

04 May 2016, GBP/USD

Bears are strong

Four-hours chart of GBPUSD. Bears run a brilliant counterattack, which destroyed all fortifications of bulls located just under (8/8). The price left overboughtness zone, which is a strong signal of reversal of the current price movement. Now on the local level we can expect an upward pullback to the weekly SuperTrend line, from which bears are most likely to show their sharp teeth again.

Trading solutions: the target for purchases has been reached. Now we shall look for sales on a pullback to the weekly SuperTrend line

Nikolay Krishtopov
FreshForex Analyst
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