GBPUSD declines strongly – Analysis - 31-10-2018

The GBPUSD pair continues to decline to start testing 1.2700 barrier now, reinforcing the expectations of continuing the bearish trend on the intraday and short term basis, and the way is open to achieve our main waited target at 1.2636, as the price is affected by the double top pattern that appears on the chart.

Therefore, the bearish bias will remain suggested in the upcoming sessions, noting that breaching 1.2775 might push the price to test 1.2880 followed by 1.2962 areas before any new attempt to decline.

Expected trading range for today is between 1.2600 support and 1.2775 resistance.

Expected trend for today: Bearish