GBP USD breaks the support – Analysis - 09/02/2016

The GBPUSD pair broke the EMA50 and settled below it, which stops the suggested bullish correctional scenario in our last reports and puts the price under negative pressure, which might lead the trading to resume the main bearish trend, pointing that breaking 1.4230 level will confirm the continuation of the negative trading on the short and medium term.

Now, the bearish bias will be preferred in the upcoming sessions, and the first main target represented by testing the mentioned support, taking into consideration that breaching 1.4515 level will reactivate the bullish correctional trend and pushes the price towards 1.4785 as an initial main station.

Expected trading range for today is between 1.4430 support and 1.4515 resistance.

Expected trend for today: Bearish