The GBPUSD pair shows some bullish bias to retest the broken neckline of head and shoulders’ pattern, accompanied by stochastic loss to the positive momentum clearly, while the EMA50 forms continuous negative pressure against the price.
Therefore, we believe that the chances valid to resume the correctional bearish trend, which its next target located at 1.2345, noting that the mentioned pattern has additional negative targets that extend to 1.2240, while the bearish trend will remain active unless breaching 1.2470 and holding above it.
The expected trading range for today is between 1.2320 support and 1.2490 resistance.
The expected trend for today: Bearish
Origin: Economies
