The GBPUSD pair breached 1.2920 level and settled above it, but we notice that the rise stopped at the intraday bearish channel’s resistance that appears on the chart, as the EMA50 formed solid resistance against the price, while stochastic begins to overlap negatively now.
Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions to break the above mentioned level followed by resuming the correctional bearish track that its next main target located at 1.2736, noting that breaching 1.2975 will stop the suggested negative scenario and leads the price to achieve more gains.
The expected trading range for today is between 1.2850 support and 1.3000 resistance.
The expected trend for today: Bearish
Origin: Economies
