The GBPUSD pair bounced downwards strongly on last Friday to break 1.2645 and close the daily candlestick below it, starting today with more decline to confirm the domination of the bearish correction on the intraday trades, paving the way to head to visit 1.2540 that represents 38.2% Fibonacci correction level for the rise measured from 1.2069 to 1.2827.
Therefore, the bearish bias will be expected for the upcoming sessions unless breaching 1.2645 and holding above it again, noting that breaking the targeted level will push the price to achieve additional bearish correction that its next target reaches 1.2450.
The expected trading range for today is between 1.2510 support and 1.2650 resistance.
The expected trend for today: Bearish
Origin: Economies
