GBPUSD approaches the resistance – Analysis - 12-03-2018

The GBPUSD pair shows positive trading to approach testing the correctional bearish channel’s resistance that appears on the chart, located now at 1.3925, as the price settles above the key support base 1.3817, which hints the price attempt to resume the main bullish trend, supported by the EMA50, but we notice that stochastic shows clear negative signals that might push the price to decline again.

Therefore, this contradiction between the technical factors makes us prefer staying aside until the price confirms its next destination clearly, waiting to breach one of the above mentioned levels to determine the next targets, noting that breaking 1.3817 support will push the price to extend its bearish correction and target 1.3490 areas mainly, while breaching 1.3925 resistance will stop the negative pressure and lead the price to regain the main bullish trend that its next target located at 1.4344.

Expected trading range for today is between 1.3750 support and 1.3950 resistance.

Expected trend for today: Depends on the above mentioned levels