GBPUSD needs the positive momentum – Analysis - 20-03-2017

The GBPUSD pair settles within tight range near 1.2400 barrier, which shows the neediness for enough positive momentum to push the trading to continue the rise, as long as the price above1.2339 level, so the bullish trend scenario will remain active in the upcoming period, waiting for testing 1.2550 level mainly.

The EMA50 supports the suggested wave, being aware that holding above 1.2339 represents an important condition for the continuation of the expected rise, where breaking it will push the price to decline to 1.2145 then visiting the previously recorded bottom at 1.997 on the near term basis.

Expected trading range for today is between 1.2300 support and 1.2500 resistance.

Expected trend for today: Bullish