GBPUSD needs strong positive motive – Analysis - 17-02-2017

The GBPUSD pair continues to fluctuate near the EMA50, while we still waiting for breaching 1.2550 level to reinforce the expectations for the bullish trend continuation on the short term basis, noticing that stochastic begins to provide positive overlapping signals on the four hours time frame, which forms positive motive that we wait to assist the price to achieve the mentioned breach.

Therefore, we believe that the chances are available for trading positively for today, reminding you that the required breach will push the price towards 1.2720 directly, while breaking 1.2405 will put the price under negative pressure that its targets begin by testing 1.2339 level, and breaking it represents negative factor that will push the trading to return to the long term bearish channel.

Expected trading range for today is between 1.2405 support and 1.2650 resistance.

Expected trend for today: Bullish