The GBPUSD price leaned on the breached resistance of the bearish channel and rallied upwards to retest the previously broken neckline of the head and shoulders’ pattern that appears on the chart, which forms key resistance at 1.2605$, and the price needs to hold below this level to keep the negative effect of the mentioned pattern active, waiting to resume the bearish trend that its next main target reaches 1.2400$.
The EMA50 supports the expected decline, while breaching 1.2605$ will stop the bearish wave and lead the price to achieve additional gains that reach 1.2735$ as a next positive station.
The expected trading range for today is between 1.2500$ support and 1.2650$ resistance
Trend forecast: Bearish
Origin: Economies
