GBPUSD draws negative formation – Analysis - 28-08-2018

The GBPUSD pair provided positive trading yesterday but it didn’t reach the recently recorded top at 1.2936, to record lower high and begins forming double top pattern now, as this pattern’s confirmation line is located at 1.2800, which means that breaking this level will activate the negative effect of the negative pattern and motivate the price to head towards our main waited target at 1.2636.

Therefore, we will keep our bearish overview in the upcoming sessions, supported by the negative signal provided by stochastic, noting that breaching 1.2963 will stop the expected decline and push the price to recover on the short term basis.

Expected trading range for today is between 1.2760 support and 1.2950 resistance.

Expected trend for today: Bearish