The GBPUSD pair returned to decline to test the key support 1.2470, as the EMA50 formed solid resistance at 1.2530 that hinders the mission to continue the rise, noticing that stochastic reaches the oversold areas, to provide positive motive that we are waiting to assist to push the price to resume the main bullish trend, which its next target reaches 1.2680.
Therefore, the bullish trend will remain valid and active, noting that breaking 1.2470 will put the price under additional correctional bearish pressure that targets 1.2345 areas on the near term basis.
The expected trading range for today is between 1.2420 support and 1.2590 resistance.
The expected trend for today: Bullish
Origin: Economies
