Under the veil of night, bulls held a counter-attack | 17 May 2016
17 May 2016, GBP/USD
Four-hour chart of GBPUSD. The situation is quite unexpected. Yesterday bulls managed to hold the price from a deeper decline, and this morning they have run a brilliant counterattack. Now the price is testing a very strong resistance area, one might even say, a key at the moment. If bulls succeed to cross this area, a further way up will be reopened to them. Growth of the pair to the main resistance level (8/8) is the main option today. The downward movement will be enabled again only by a strong downward rebound.
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