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The price is in the overboughtness area again

The price is in the overboughtness area again | 31 May 2016

31 May 2016, GBP/USD

The four-hours chart of GBPUSD. Bulls took an advantage of the situation and the price returned to the overboughtness area. Thus we can talk about continuation of this upward movement. The final goal here is the upper border (+2/8). Upon reaching this level, the price will redraft Murrey levels and thus we can consider the medium-term objectives.

Trading solutions: You can try to buy from current levels with a very short Stop Loss just outside the four-hours SuperTrend line. The nearest goal is 1.4771 (+2/8)

Nikolay Krishtopov
FreshForex Analyst
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