GBPUSD under the negative pressure – Analysis - 29-05-2017

The GBPUSD pair ended last week trading below 1.2890, which confirms the continuation of the negative pressure on the intraday basis, waiting for testing 2.2720 level mainly, pointing that we expect a bullish rebound after hitting the mentioned level to resume the main bullish trend.

Therefore, the bearish bias will be preferred for today, being aware that breaking the targeted level will extend the pair’s losses to reach 1.2550, while the expected decline will remain valid unless breaching 1.2890 level and holding above it.

Expected trading range for today is between 1.2720 support and 1.2900 resistance.

Expected trend for today: Bearish