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Trying to gain a foothold in the overboughtness area

Trying to gain a foothold in the overboughtness area | 21 June 2016

21 June 2016, GBP/USD

Four-hour chart of GBPUSD. Bulls are still pulling the price up. The pair is overbought area and trying to gain a foothold there. If they succeed, buyers will find a new promising target (+2/8). But we shall not forget that the overboughtness zone is resisting by its entire area, so growth can be accompanied by multiple downward pullbacks. The downward movement would be enabled by return of the price under (8/8).

Trading solutions: no

Nikolay Krishtopov
FreshForex Analyst
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