GBPUSD tests the support again – Analysis - 09-12-2016

Economies.com
2016-12-09 05:20AM UTC

The GBPUSD pair bounced strongly to the downside after approaching from 1.2720 level yesterday, to test the key support 1.2550, accompanied by witnessing clear positive signals through stochastic on the four hours' time frame, which supports the chances of the return to resume the positive trading in the upcoming sessions.

 

Therefore, the bullish trend will be suggested for today unless breaking 1.2550 level and holding below it, as breaking this level represents negative factor that will push the price to head towards 1.2339 direct, while the expected bullish wave targets start at 1.2720 and extend to 1.2830.

 

Expected trading range for today is between 1.2500 support and 1.2720 resistance.

 

Expected trend for today: Bullish

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