GBPUSD attempts positively – Analysis - 22-09-2017

The GBPUSD pair bounced bullishly after approaching from 23.6% Fibonacci correction level for the third time, to reach the thresholds of the recently recorded top at 1.3618, which hints that the price is heading to stop the bearish correction and return to the main bullish trend again, especially that the EMA50 continues to support the price from below.

By taking a deeper look at the chart, we find that the recent trades are confined inside bullish flag pattern that appears on chart, which means that breaching 1.3595 will provide positive motive that will push the price to confirm resuming the main bullish trend in the upcoming period.

Therefore, these factors encourage us to suggest the bullish trend on the intraday and short term basis, which its next main target located at 1.3680, noting that breaching this level will extend the pair's gains to reach 1.3834, while the expected rise will remain valid unless breaking 1.3418 level and holding below it.

Expected trading range for today is between 1.3500 support and 1.3680 resistance.

Expected trend for today: Bullish