The GBPSEK ends the bullish rally – Analysis – 11-1-2022

The GBPSEK pair ended its bullish rally by touching the main resistance at 12.3900, to provide clear negative rebound by bouncing towards 12.2850, while stochastic exit from the overbought areas allows us to expect getting negative momentum and start forming new negative waves to manage to break 12.2800 and reach the next negative station at 12.2160.

On the other hand, succeeding to breach the mentioned resistance and holding above it will confirm moving to the bullish track again, to open the way to achieve new positive gains that might start at 12.4500.

The expected trading range for today is between 12.4000 and 12.2800

The expected trend for today: Bearish