GBPUSD inside a minor bullish channel – Analysis - 30-05-2016

The GBPUSD pair shows slight negative trading to begin testing the EMA50 that forms intraday support base now at 1.4950, noticing that the price moves inside a minor bullish channel that appears on the above chart, which might push the price to touch this channel’s support located at 1.4535 after bouncing downwards previously from the mentioned channel’s resistance.

Stochastic shows oversold signals now, which forms positive motive that we are waiting to assist to push the price to resume the short term bullish trend, which targets visiting 1.4850 level mainly, while breaking 1.4535 level represents negative factor that will stop the positive overview and push trading to head towards 1.4250 on the near term basis.

Expected trading range for today is between 1.4535 support and 1.4750 resistance.

Expected trend for today: Bullish