The GBPUSD pair continued to rise yesterday, but it found solid resistance barrier formed by the EMA50, to start today with bearish bias that hints heading to resume the main bearish trend, affected by the previously completed head and shoulders’ pattern, and the price needs to break 1.1015 to confirm the continuation of the decline towards our next negative target at 1.0845.
Stochastic provides negative signals that support the expectations to decline today, taking into consideration that holding below 1.1186 represents the most important condition to continue the bearish trend.
The expected trading range for today is between 1.0980 support and 1.1150 resistance.
The expected trend for today: Overall Bearish
Origin: Economies
