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Bulls control the situation

20 May 2016, GBP/USD

Four-hours chart of GBPUSD. Bulls continue to control the situation fully. Attempting to lift the price, they met resistance at 1.4648 (8/8). The rebound from this level turned out not as strong. So far, bulls manage to hold the price above the level of local support. Therefore, growth of the pair is the main option. The target is the local High, which is located at 1.4771 (+ 1/8). This option will be canceled by a breakdown and consolidation of price below the four-hours line of SuperTrend.

Trading solutions: none.

Nikolay Krishtopov
FreshForex Analyst
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