Midday Update: GBP/USD - 25-08-2016
Economies.com
2016-08-25 11:08AM UTC
GBP/USD formed an ascending top in the intraday levels and the short term at our main target of 1.3255, which at the same time constitutes a descending top in the medium term at the downward trend line as shown in the attached chart, as we expect the pair to keep falling to retest the upward trend line in the intraday levels, targeting 1.3160, and in case of a breach, it will open the door for more decline in the medium term, with an initial target at 1.3020.
Expected trading range for today is between the support of 1.3020 and the resistance of 1.3400.
Expected trend for today: Bearish.
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