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A stronger position in the overboughtness area

A stronger position in the overboughtness area | 25 April 2016

25 April 2016, GBP/USD

Four-hours chart of GBPUSD. With the third attempt, bulls managed to take a major resistance level (8/8) and gain a foothold above it. Now the way is open to them for further growth. The goal here is the level (+2/8). If the price reaches it, Murrey levels will be redrafted. The turning point for bears would be if the manage to drag and hold the price below the Day SuperTrend Line, above which there is a very strong support level.

Trading solutions: You can keep the purchase till a local High is reached. This High is slightly below the level (+2/8)

Nikolay Krishtopov
FreshForex Analyst
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