GBPUSD awaits the bullish rebound – Analysis - 20-02-2017

The GBPUSD pair settles at the minor bullish channel’s support that appears in the image, noticing that stochastic reaches the thresholds of the oversold levels to protect the suggested positive scenario in our last reports, waiting for bouncing higher to continue the bullish correctional wave that begun in the middle of the last month, and the price needs to breach 1.2550 level to confirm the extension of the bullish wave to 1.2720.

Therefore, we will keep our positive expectations in the upcoming period unless breaking 1.2360- 1.2339 levels, where breaking these levels will put the price under negative pressure that pushes the trading to the previously recorded bottom at 1.1997.

Expected trading range for today is between 1.2339 support and 1.2550 resistance.

Expected trend for today: Bullish