The GBPUSD pair’s recent trades confined within minor bullish channel that we believe it forms bearish flag pattern that supports the expectations of continuing the overall bearish trend, and the price needs to break 1.2110 level to activate the negative effect of this pattern followed by rallying towards our next waited target at 1.2030.
Therefore, the bearish trend will remain valid and active in the upcoming period supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1.2210 will stop the expected decline and push the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 1.2060 support and 1.2220 resistance.
The expected trend for today: Bearish
Origin: Economies
