The GBP/USD breaks the support again – Analysis – 16/10/2020

usd_gbp_news_2The GBPUSD pair could not manage to hold for long time above 1.3000 level, to rebound downwards strongly and confirm breaking this level followed by breaking the intraday bullish channel’s support line and settles below them, which puts the price under the negative pressure again, on its way to head towards 1.2840 followed by 1.2705 levels as next negative targets.

Therefore, the bearish bias will be expected for today, supported by moving below the EMA50, noting that the expected decline will remain valid unless the price rallied to breach 1.2960 followed by 1.3000 levels and hold above them.

The expected trading range for today is between 1.2780 support and 1.2960 resistance.

The expected trend for today: Bearish

Origin: Economies

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