The GBPUSD pair faced strong negative pressure yesterday to break 1.3235 level and retest the previously breached neckline of the inverted head and shoulders’ pattern that appears on the chart at 1.3175, which urges caution from the upcoming trading, as breaking this level will cancel the positive effect of the mentioned pattern and press on the price to resume the bearish trend again, to head towards 1.3000 areas on the near term basis, while consolidating above it and breaching 1.3235 will lead the price to achieve additional bearish correction that its next targets reach 1.3310 followed by 1.3380.
Therefore, we prefer to stay aside now until the price confirms breaking 1.3175 support or breaching 1.3235 resistance.
The expected trading range for today is between 1.3100 support and 1.3280 resistance.
The expected trend for today: Neutral
Origin: Economies
