GBPUSD awaits more decline – Analysis - 06-08-2018

The GBPUSD pair resumes its bearish bias on its way to touch 1.2962 level, which represents 61.8% Fibonacci correction level for the entire rise measured from 1.2108 to 1.4344, which means that breaking this level will push the price to achieve negative targets that go further towards 1.2635.

The effect of the previously completed head and shoulders’ pattern still active, and the price move inside the bearish channel that appears on the chart supports the chances of breaking the above mentioned support line and extend the bearish wave on the short term and medium term basis, thus, the bearish trend will remain expected unless we witnessed a breach to 1.3090 level and holding above it, as breaching this level might push the price to test 1.3226 areas before any new attempt to decline.

Expected trading range for today is between 1.2900 support and 1.3090 resistance.

Expected trend for today: Bearish