The GBPUSD pair attempted to breach 1.2720 level but it ended yesterday below it, and by taking a deeper look at the chart, we find that the recent trades are confined within rising wedge pattern, which means that breaking 1.2710 areas will provide negative motive that pushes the price to resume the correctional bearish trend, which targets 1.2640 as a first station.
Therefore, we will keep our bearish overview, supported by stochastic negativity that appears now on the intraday time frames, noting that breaching 1.2720 will stop the suggested negative scenario and push the price to turn to rise again.
The expected trading range for today is between 1.2620 support and 1.2770 resistance.
The expected trend for today: Bearish
Origin: Economies
