GBPUSD retests – Analysis - 24-07-2017

The GBPUSD pair is retesting the previously broken level at 1.3030 that turns into key resistance now, noticing that stochastic loses its positive momentum gradually to reach the thresholds of the overbought areas, which forms negative factor that we expect to push the price to decline again.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless breaching 1.3030 followed by 1.3100 levels and holding above them, waiting to target 1.2890 level mainly, noting that breaching 1.3100 level will push the price to return to the short term bullish trend, which its next target located at 1.3445.

Expected trading range for today is between 1.2890 support and 1.3080 resistance.

Expected trend for today: Bearish