The GBPUSD pair declined strongly on last Friday’s evening, as it broke the bullish channel’s support line strongly and settled below it, to achieve bearish correction for the bullish wave measured from 1.1802 to 1.2546, targeting testing 1.2370 level initially, noting that breaking this level will push the price to visit 38.2% Fibonacci correction level at 1.2262.
Therefore, we expect to witness more decline in the upcoming sessions, supported by moving below the EMA50, noting that breaching 1.2440 will stop the expected negative pressure and push the price to attempt to resume the main bullish trend again.
The expected trading range for today is between 1.2310 support and 1.2470 resistance.
The expected trend for today: Bearish
Origin: Economies
