GBPUSD retests successfully – Analysis - 16-02-2017

The GBPUSD retested the previously breached main bearish channel’s resistance that turns into an important support now at 1.02380 and bounced higher from there clearly, which keeps the bullish trend scenario valid until now, and the price faces the cluster resistance levels at 1.2490, where the price needs to breach this level to reinforce the expectations for the bullish trend expectations in the upcoming period.

Therefore, we will keep preferring the bullish trend on the intraday and short term basis conditioned by holding above 1.2380 level, pointing that the expected targets begin at 1.2550 and extend to reach 1.2720.

Expected trading range for today is between 1.2380 support and 1.2580 resistance.

Expected trend for today: Bullish