The GBPUSD pair broke the bullish channel’s support line strongly to stop the bullish wave and head towards achieving bearish correction for the rise that started from 1.1802 areas, approaching 23.6% Fibonacci correction level at 1.2472, noting that surpassing this level will push the price to achieve additional decline that its targets extend to reach 1.2430 followed by 1.2345.
Therefore, the bearish trend will be suggested for the upcoming sessions, noting that breaching 1.2600 will stop the current negative pressure and lead the price to regain the main bullish trend again.
The expected trading range for today is between 1.2420 support and 1.2590 resistance.
The expected trend for today: Bearish
Origin: Economies
