The GBPUSD price consolidates below the bearish channel’s resistance line, to start providing calm trades by today’s open, and by taking a deeper look at the chart, we find that the price is forming double top pattern that its confirmation line located at 1.2635$, which means that breaking this level will provide negative motive that push the price to surpass our waited target at 1.2566$ and open the way to achieve more negative targets on the intraday and short term basis.
Therefore, the bearish trend will remain valid and active for the upcoming period, taking into consideration that breaching 1.2735$ will stop the bearish trend and push the price to build bullish wave that its next main target reaches 1.2866$ areas.
The expected trading range for today is between 1.2570$ support and 1.2710$ resistance
Trend forecast: Bearish
