GBPUSD loses momentum – Analysis - 11-01-2017

The GBPUSD pair shows sideways trading since yesterday keeping its stability below 1.2200 level, noticing that stochastic loses its positive momentum clearly to enter the overbought areas, which forms negative factor that we expect to push the price to rebound bearishly in the upcoming sessions, which keeps the bearish trend scenario valid until now.

Therefore, we are waiting for negative trading on the intraday and short term basis, and the next main target is located at 1.1997, noting that breaching 1.2230 will push the price for recovery attempts that its main targets begin by testing 1.2339 level.

Expected trading range for today is between 1.2060 support and 1.2230 resistance.

Expected trend for today: Bearish