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Buyers do not look persuasive

Buyers do not look persuasive | 19 July 2016

19 July 2016, GBP/USD

Buyers do not look persuasive

Four-hours chart of GBPUSD. The pair is still above the local level of support, which acts as the Superternd Daily line. But bulls failed to take advantage of this situation, they failed to push the price to the given level. Bears are increasing pressure on this level, and in the near future a breakdown of the level from top to bottom is likely. This is the basic scenario for today. It would be canceled if bulls manage to gain a foothold above the four-hours SuperTrend Line.

Trading solutions: sell from current levels, put a Stop Loss behind the four-hours SuperTrend Line. The nearest goal is at 1.2939 (1/8)

Nikolay Krishtopov
FreshForex Analyst
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