Midday update for GBPUSD 17-01-2017

The GBPUSD pair traded with strong positivity this morning to cover the price gap that we mentioned in our previous report, showing bearish rebound signals that supports the chances for resuming the main bearish trend, especially that stochastic shows clear overbought signals now.

Therefore, we believe that the chances available for trading negatively in the upcoming sessions, supported by the negative pressure that comes from the EMA50, waiting for testing 1.1997 level initially, being aware that breaching 1.2185 level will stop the negative scenario and leads the price to achieve more of the gains in the upcoming period.

Expected trading range for today is between 1.1935 support and 1.2185 resistance.

Expected trend for today: Bearish