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The price is in the overboughtness zone

The price is in the overboughtness zone | 27 May 2016

27 May 2016, GBP/USD

Four-hours chart of GBPUSD. The price has pulled back to the bottom. Let me remind you that the pair is in overboughtness area, which resists by its entire area, so it is characterized by a relatively strong and frequent rollback of the price down. Nevertheless, we can see that buyers have so far managed to hold the price above the level (8/8), so the chances for continued growth remain there, and they are good enough. The price is expected to reach level (+2/8), but most likely, not today. Decline will be considered upon consolidation below the level (8/8)

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Nikolay Krishtopov
FreshForex Analyst
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