The GBPUSD pair managed to achieve our first waited target at 1.2472, noticing that the price broke it and ended last Friday below it, to hint heading to achieve more bearish correction.
On the other hand, we notice that the price consolidates above the main bullish trend line that appears on the chart, accompanied by witnessing clear positive signals through stochastic that might push the price to recover in the upcoming sessions.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 1.2440 support will push the price to rally towards 1.2345 direct, while breaching 1.2472 resistance represents the key to resume the main bullish trend and head towards 1.2550 followed by 1.2600 levels as initial positive stations.
The expected trading range for today is between 1.2360 support and 1.2540 resistance.
The expected trend for today: Neutral
Origin: Economies
