The GBPUSD pair’s recent trades are confined within bearish pennant pattern that appears on the chart, thus, breaking 1.2295 will activate the negative effect of this pattern and motivate the price to rally towards our waited negative target at 1.2200.
Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 1.2375 might push the price to test 1.2455 followed by 1.2490 levels before any new attempt to decline.
The expected trading range for today is between 1.2240 support and 1.2400 resistance.
Origin: Economies
