GBPUSD Under the Negative Pressure
GBPUSD pair ended yesterday with clear negativity, as it broke 1.1520 level and settled below it, to move below the main resistance line that appears on the chart, noticing that the price completed double top pattern that might force the price to achieve more decline. On the other hand, we notice that the EMA50 attempts to protect the price from suffering more losses, while stochastic provides clear positive signals that might push the price to start positively today.
Therefore, the contradiction between the technical factors makes us stay aside until the price confirms its situation according to 1.1520 level, as consolidating below it will press on the price to decline towards 1.1315 areas mainly, while breaching it will reactivate the positive scenario that its next target located at 1.1700. The expected trading range for today is between 1.1420 support and 1.1610 resistance.
The expected trend for today: Neutral.