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The pair has consolidated in the overboughtness area

The pair has consolidated in the overboughtness area | 22 June 2016

22 June 2016, GBP/USD

Four-hours chart of GBPUSD. The pair has bounced off (+ 1/8) thus having met our expectations. As you can see, as long as bulls manage to keep the price within the overboughtness area, as the main option is still growth of the pair. As usual, the ultimate goal is (+2/8). When it is reached, Murrey levels will be redrafted. Drop would be relevant if sellers will be able to push (8/8), (better the four-hours SuperTrend line) and consolidate below it. In this case, we may see the price around the intermediate support level (6/8)

Nikolay Krishtopov
FreshForex Analyst
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