GBP USD attempts to break – Analysis - 28/05/2015

The GBPUSD pair attempted to break 1.5335 level yesterday but without managing to hold below it until now, to continue fluctuating around this level affected by stochastic positivity, while the bearish trend still expected affected by the negative pressure that comes from the double top pattern that appears on image.

Therefore, we are waiting to confirm breaking 1.5335 level to open the way to target 1.5190 followed by 1.5040 levels on the near term basis, taking into consideration that breaching 1.5445 then 1.5520 will stop the bearish correctional pressure and push the price to rise again.

Expected trading range for today is between 1.5200 support and 1.5445 resistance.

Expected trend for today: Bearish