The GBPUSD pair traded with strong negativity on yesterday’s evening to break the bullish channel’s support line and settles below it, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that we expect to push the price to decline in the upcoming sessions, to achieve bearish correction on the longer-term basis, for the bullish wave measured from 1.2308 to 1.3142.
Therefore, we expect to witness negative trades in the upcoming sessions, and the next target is located at 1.2725, taking into consideration that breaching 1.2825 will stop the expected decline and lead the price to regain the main bullish trend again.
The expected trading range for today is between 1.2710 support and 1.2880 resistance.
The expected trend for today: Bearish
Origin: Economies
