GBPUSD breaks the support – Analysis - 04-09-2018

The GBPUSD pair continued to decline yesterday to break the minor bullish channel’s support line and settles below it, which puts the price under more expected negative pressure for the upcoming period, targeting testing 1.2775 level initially.

Therefore, the bearish bias will remain suggested for today supported by moving below the EMA50 unless the price managed to rally upwards to breach 1.2963 level and hold above it, noting that breaking 1.2775 will push the price back to the main bearish channel followed by heading to achieve more decline on the short term and medium term basis.

Expected trading range for today is between 1.2750 support and 1.2930 resistance.

Expected trend for today: Bearish