GBP USD goes for some bearish correction – Analysis - 02/07/2015

The GBPUSD pair settled below 1.5645 level, to open the way towards the continuation of the bearish correctional trend on the intraday basis, where the price targets now testing 1.5555 level, pointing that breaking it will push the price to visit the bullish channel’s support near 1.5485.

Therefore, the bearish bias will be preferred in the upcoming sessions unless breaching 1.5645 level and holding above it, which will motivate the price to return to the main bullish track, pointing that breaching 1.5750 level will provide the most important factor that reinforces the chances of regaining the main bullish trend.

Expected trading range for today is between 1.5485 support and 1.5750 resistance.

Expected trend for today: Bearish