Pound: the turning point

Posted On 23 Jun 2016

Four-hours chart of GBPUSD. Bulls managed to hold the price in the overboughtness area and continue the upward movement. The upper border of the overboughtness area (+2/8) is very close. Probability of reaching this level is very high. But the medium-term direction will be clear only after crossing this mark, because at this point Murrey levels will be redrafted. To make the pair drop, bears need to consolidate below (8/8). In this case, we may see the price at (4/8). Trading solutions: no

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