GBPUSD completes the negative pattern – Analysis - 03-08-2018

The GBPUSD pair traded with strong negativity yesterday after completing forming the head and shoulders’ pattern that appears on the chart, to settle at 1.3000 barrier now, waiting for more decline to visit our main expected target at 1.2962, noting that the full targets of the mentioned pattern surpass the targeted level, which hints a potential extension to the bearish wave on the longer term basis.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that breaching 1.3135 will push the price to test 1.3226 before any new attempt to decline.

Expected trading range for today is between 1.2900 support and 1.3100 resistance.

Expected trend for today: Bearish