The GBPUSD pair provided strong positive trades yesterday to breach 1.2150 level and settles above it, to hint the attempt to recover and start correctional bullish wave, especially that the price forms positive pattern that its signs appear on the chart.
On the other hand, the price faces negative pressure provided by the technical indicators, which might force the price to resume the main bearish trend again.
Therefore, we prefer to stay aside until we get clearer signal for the next trend, noting that breaching 1.2205 will lead the price to achieve additional gains that start at 1.2325 and extend to 1.2400, while breaking 1.2075 support will press on the price to decline again and head towards 1.1900 mainly.
The expected trading range for today is between 1.2070 support and 1.2250 resistance.
Origin: Economies
