The GBP/USD hits the first positive target – Analysis – 04/11/2021

com-l4The GBPUSD pair succeeded to achieve our first positive target at 1.3665 and breached it to attempt to achieve more gains, but we notice that the EMA50 forms solid resistance at 1.3695, accompanied by witnessing negative signals through stochastic, which forces the price to turn to decline and stop the intraday bullish wave.

Therefore, we expect to witness more bearish bias in the upcoming sessions, and the first target is located at 1.3605, noting that breaking it will extend the bearish wave to reach 1.3530 as a next station, while the expected decline will remain valid unless the price rallied to breach 1.3720 and hold above it.

The expected trading range for today is between 1.3560 support and 1.3720 resistance.

The expected trend for today: Bullish

Origin: Economies

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