The GBPUSD pair continued to rise to breach 1.2920 level and settles above it, which hints the price head to achieve more gains on the intraday and short term basis, on its way to regain the main bullish trend and stop the correctional bearish wave that dominated the recent trades.
On the other hand, we notice that the rise stopped at the correctional bearish resistance line, accompanied by witnessing big overbought signals through stochastic, which forms negative pressure that might press on the price to decline again.
Therefore, our neutrality will remain valid until we get clearer signal for the next trend, which we will get through breaching 1.2970 resistance or breaking 1.2920 support, noting that breaching this resistance will push the price to continue rising and head towards 1.3150 as a next positive target, while breaking the support represents the key to return to the correctional bearish track that its first target located at 1.2736.
The expected trading range for today is between 1.2850 support and 1.3050 resistance.
The expected trend for today: Depends on the above mentioned levels
Origin: Economies
