GBPUSD reaches the target – Analysis - 24-01-2017

The GBPUSD pair rallied bullishly well yesterday to be few pips far away from the main waited target at 1.2550, where the main bearish channel's resistance meets 38.2% Fibonacci for the decline measured from 1.3443 to 1.1997, which means that breaching this level will extend the recovery trip to reach 1.2720 as a next main station.

By taking a deeper look at the chart, we find that the price completed forming positive formation that its signs appear on chart, therefore, this pattern encourages us to suggest more rise in the upcoming period, waiting to breach the key resistance 1.2550 to confirm opening the way to continue the bullish trend on the longer term basis.

Therefore, the bullish trend will remain suggested in the upcoming sessions, noting that the continuation of the expected bullish trend requires two main conditions; the first one is breaching 1.2550 level, and the second is holding above 1.2405 and the most important above 1.2339.

Expected trading range for today is between 1.2450 support and 1.2650 resistance.

Expected trend for today: Bullish