The GBPUSD pair provided some negative trading yesterday to approach from 1.2400 barrier, but it returns to rise again settled at 1.2480 now, noticing that stochastic provides positive overlapping signal on the four hours’ time frame, which supports the chances for the continuation of the bullish bias in the upcoming sessions, waiting for testing 1.2550 level initially.
Therefore, the bullish trend scenario will remain preferred on the intraday and short term basis, and breaching the targeted level will extend the pair’s losses to reach 1.2720, while holding above 1.2339 represents the most important condition for the continuation of the expected rsie.
Expected trading range for today is between 1.2400 support and 1.2600 resistance.
Expected trend for today: Bullish