The GBPUSD pair confirmed breaking 1.2470 level after closing the daily candlestick below it, and by taking a deeper look at the chart, we find that the price completed forming head and shoulders’ pattern, which puts the price under expected negative pressure on the intraday and short term basis, targeting 1.2345 followed by 1.2240 levels as next main stations.
Therefore, the bearish bias will be suggested for the upcoming sessions, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1.2440 followed by 1.2470 levels will stop the negative effect of the mentioned pattern and lead the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 1.2310 support and 1.2470 resistance.
The expected trend for today: Bearish
Origin: Economies
