The GBPUSD pair provided negative trades yesterday and attempted to break 1.2440, but it found good support at 1.2400, which pushed the price to rise and test the key resistance 1.2515 now.
On the other hand, we notice that the recent trades confined inside falling wedge pattern that its signs appear on the chart, as the price breached this pattern’s resistance now, motivated by stochastic positivity, thus, we believe that the chances valid to provide more positive trades today, noting that breaching 1.2515 will confirm opening the way to head towards 1.2777 as a next positive target.
Therefore, the bullish bias will be suggested for the upcoming period, taking into consideration that failing to breach 1.2515 will put the price under the negative pressure that its first target located at 1.2304.
The expected trading range for today is between 1.2420 support and 1.2620 resistance.
The expected trend for today: Bullish
Origin: Economies
