The GBPUSD pair succeeded to achieve our second waited target at 1.2515 and shows some slight bearish bias from there, which hints the strength and importance of this level that represents 61.8% Fibonacci correction for the entire decline measured from 1.3200 to 1.1410, which might force the price to provide temporary negative trades in the upcoming sessions.
We prefer staying aside now until getting clearer signal for the next trend, noting that breaching 1.2515 will lead the price to achieve additional gains that extend to 1.2777 on the short term basis, while consolidating below it will press on the price to decline and head towards areas that reach 1.2304 initially.
The expected trading range for today is between 1.2380 support and 1.2590 resistance.
The expected trend for today: Neutral
Origin: Economies
