Midday update for GBPUSD 07-12-2016

The GBPUSD pair continued its negative trading to approach from the key support 1.2550, and as we mentioned this morning, holding above this level represents key condition to continue the positive scenario suggested in our recent reports, which targets the main bearish channel's resistance at 1.2845.

Therefore, we will keep our bullish trend expectations in the upcoming period unless breaking 1.2550 level and holding below it, supported by the clear oversold signals that appears on stochastic, noting that breaking 1.2550 level will push the price to visit 1.2339 direct before detecting the next destination on the short term basis.

Expected trading range for today is between 1.2550 support and 1.2800 resistance.

Expected trend for today: Bullish