GBP USD draws negative formation – Analysis - 25/05/2015

The GBPUSD pair settled below the bullish channel’s support after the strong decline that appeared on last Friday, which leads the price to show more bearish bias on the intraday and short term basis, and by taking a deeper look at the chart, we find that the price is about to complete drawing a double top pattern that its neckline located at 1.5445, which means that breaking this level will offer additional negative motive that supports continuing the bearish trend in the upcoming period.

Therefore, the bearish bias will be expected for the upcoming sessions as long as the price is below 1.5540, noting that the expected targets mainly begin at 1.5335 and extend to 1.5190 then 1.5075.

Expected trading range for today is between 1.5335 support and 1.5540 resistance.

Expected trend for today: Bearish