GBPUSD loses momentum – Analysis - 05-09-2018

The GBPUSD pair shows some calm bullish bias after approaching 1.2800 level yesterday, to approach the EMA50, accompanied by stochastic loss to the positive momentum and approaching the overbought areas, which forms negative factor that we are waiting to motivate the price to rebound bearishly and resume the bearish trend, which its next target located at 1.2760.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis unless breaching 1.2963 level and holding above it, noting that surpassing the first target will push the price towards 1.2636 as a next main station.

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

Expected trend for today: Bearish