The GBPUSD price traded with clear positivity in the previous sessions to test 1.2300$ level, noticing that the EMA50 met this level to add more strength to it and force the price to rebound bearishly, to move within minor bullish channel that we believe it forms bearish flag pattern, thus the price needs to break 1.2185$ to activate the negative effect of this pattern followed by resume the main bearish trend that its next target located at 1.2045$.
Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1.2300$ and hold with a daily close above it.
The expected trading range for today is between 1.2140$ support and 1.2300$ resistance
Trend forecast: Bearish
