The GBPUSD pair traded with strong positivity yesterday to breach 1.2476 level and rallies towards the bearish channel’s resistance that appears on the chart, noticing that stochastic continues to provide the overbought signals, which we believe it will assist to push the price to rebound bearishly and resume the main bearish trend again.
Therefore, we suggest witnessing negative trades in the upcoming sessions conditioned by the price stability below 1.2580, noting that breaking 1.2500 will reinforce the expectations of continuing the bearish trend that its next main target located at 1.2300.
The expected trading range for today is between 1.2450 support and 1.2620 resistance.
The expected trend for today: Overall Bearish
Origin: Economies
