The GBPUSD pair broke the bearish pennant’s support line clearly to rally downwards and approach our waited negative target at 1.2200, and we suggest the continuation of the bearish bias within the bearish channel that appears on the chart to achieve more negative targets that extend to 1.2080.
Therefore, the bearish trend will remain dominant in the upcoming sessions, supported by the EMA50 that pushes the price to the downside, noting that holding below 1.2310 represents initial condition to continue the expected decline.
The expected trading range for today is between 1.2130 support and 1.2290 resistance.
Origin: Economies
