GBP USD begins negatively – Analysis - 28/11/2014
Economies.com
2014-11-28 05:51AM UTC
The GBPUSD pair opens today’s trading with bearish bias to move below 1.5720, which offers signals on a potential return to the main bearish pressure, as the price is affected by stochastic negativity on the daily time frame.
Therefore, we believe that the positive effect of the double bottom pattern –mentioned yesterday- was stopped at the initial targets of this pattern, and the bearish trend will be dominant for today, with targets that begin at 1.5590 and extend to 1.5500 then 1.5425, being aware that breaching 1.5720 will provide a positive factor that supports the attempts to target 1.5870 again.
Expected trading range for today is between: 1.5590 support and 1.5790 resistance.
Expected trend for today: Bearish
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