The GBPUSD pair trades confined within 50% and 61.8% Fibonacci correction levels, to form sideways track that we believe it forms positive rectangle pattern, which means that breaching its resistance will push the price to achieve more gains on the intraday basis to surpass 1.2515 and head towards 1.2777 as a next positive target.
Therefore, the bullish trend scenario will remain suggested for the upcoming period, noting that breaking 1.2304 will stop the expected rise and press on the price to decline again.
The expected trading range for today is between 1.2300 support and 1.2500 resistance.
The expected trend for today: Bullish
Origin: Economies
