GBPUSD Pair Analysis
Expected Scenario
The GBPUSD pair broke strongly below the 1.2480$ level and settled below it, reinforcing the expectations of continuing the correctional bearish trend. The next target is expected to be 1.2385$, representing the 61.8% Fibonacci correction level for the rise measured from 1.2069$ to 1.2893$.
Note that breaking the targeted level will likely push the price to suffer additional losses, reaching 1.2265$ as the next main target. The expected decline will remain valid unless there is a breach of 1.2480$ and a hold above it.
Expected Trading Range
The expected trading range for today is between 1.2370$ support and 1.2520$ resistance.
Trend Forecast: Bearish
Origin: Economies
