GBPUSD within positive pattern – Analysis - 13-07-2017

The GBPUSD pair ended yesterday's trading around 1.2890 level, noticing that the price keeps providing positive attempts to stop the negative pressure that dominates the recent trading, and by taking a deeper look at the chart, we find that the last decline is confined inside minor bearish channel that we believe it forms bullish flag pattern, its confirmation line is located at 1.2925.

Therefore, we believe that the chances are valid to return to the main bullish trend again, waiting to breach 1.2925 level to confirm rallying towards 1.3100 areas initially, taking into consideration that failing to achieve the mentioned breach and settling below 1.2890 will stop the expected rise and push the price to decline.

Expected trading range for today is between 1.2800 support and 1.3000 resistance.

Expected trend for today: Bullish