The GBPUSD price continued to decline yesterday to touch the bullish channel’s support line at 1.2745, noticing that the price rebound bullishly to start building new bullish wave, our first target is represented by testing the channel’s resistance around 1.2860.
On the other hand, we notice that the price is attempting to surpass the resistance line of the bullish flag pattern that its signs appear on the chart, to add more confirmation to the continuation of the positive scenario on the intraday and short-term basis.
Therefore, we are waiting for more expected rise in the upcoming sessions, supported by the EMA50 that carries the price from below, noting that breaking 1.2745 will stop the bullish trend and push the price to suffer additional losses that reach 1.2645 before any new attempt to rise.
The expected trading range for today is between 1.2730 support and 1.2890 resistance.
Trend forecast: Bullish
Origin: Economies
