The GBPUSD pair fluctuates negatively in the previous sessions to move below the bullish channel’s resistance line, noticing that the recent trades are confined within falling wedge pattern that its signs appear on the chart, thus, breaching its resistance at 1.3105 will motivate the price to resume the main bullish wave, which targets 1.3200 followed by 1.3295 levels as next main stations.
Stochastic shows overbought signals now, to form positive motive that we expect to assist to push the price to activate the positive effect of the above-mentioned pattern followed by achieving the suggested targets.
Therefore, we will continue to suggest the overall bullish trend conditioned by the price stability above 1.3075, as breaking this level represents negative factor that will push the price to turn to decline.
The expected trading range for today is between 1.3010 support and 1.3180 resistance.
The expected trend for today: Bullish
Origin: Economies
