The GBPUSD price declined sharply yesterday after the positive attempts that it witnessed in the previous sessions, to surpass 1.2566$ and reach 1.2505$, noticing that the price breaks the last level to open the way to continue the decline on the intraday and short-term basis, noting that the next target reaches 1.2400$.
Therefore, we expect to witness more bearish bias in the upcoming sessions, affected by the completion of the head and shoulders’ pattern that appears on the chart, taking into consideration that breaching 1.2566$ followed by 1.2605$ levels will stop the bearish trend and lead the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 1.2390$ support and 1.2545$ resistance
Trend forecast: Bearish
