The GBPUSD pair succeeded to achieve our waited target at 1.2345, showing additional negative trades now, to hint heading to surpass this level and open the way to extend the correctional bearish wave to reach 1.2240 areas as a next main station.
The negative effect of the head and shoulders’ pattern still active, and supports the chances of breaking the current support areas to head towards the additional targets, to keep the bearish trend valid and active for the upcoming period, taking into consideration that the consolidation of 1.2345 level against the current negative pressure will push the price to achieve intraday gains and test 1.2435 followed by 1.2470 areas before any new attempt to decline.
The expected trading range for today is between 1.2260 support and 1.2400 resistance.
The expected trend for today: Bearish
Origin: Economies
