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Bulls fail to achieve an apparent success

12 May 2016, GBP/USD

Bulls fail to achieve an apparent success

Four-hours chart of GBPUSD. Bulls managed to hold the price above the intermediate support level (6/8), but, as we see, so far they fail to cross the nearest resistance on the Supertrend lines. That suggests weakness of buyers at the moment. So, drop remains to be the main expectation. The nearest goal lies at the intermediate level of support (6/8). The medium-term goal is the main support and resistance level (4/8)

Trading solutions: sell from the four-hours SuperTrend line with Stop Loss being put behind the yesterday's High

Nikolay Krishtopov
FreshForex Analyst
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