GBPUSD achieves some bearish correction – Analysis - 14-09-2017

The GBPUSD pair traded with clear negativity yesterday after attempting to surpass 1.3300 barrier, to start bearish correction for the rise measured from 1.2773 to 1.3328, noticing that 23.6% Fibonacci correction level forms strong support at 1.3197, accompanied by stochastic reach to the oversold areas, while the EMA50 provides positive support to the price.

Therefore, these factors encourage us to suggest bouncing bullishly to resume the bullish trend in the upcoming sessions, noting that the expected targets begin at 1.3445 and extend to reach 1.3645, noting that breaking 1.3197 will push the price to extend its bearish correction and target 1.3116 areas and might extend to 1.3050 before any new attempt to rise.

Expected trading range for today is between 1.3116 support and 1.3300 resistance.

Expected trend for today: Bullish