GBPUSD suffers sharp losses – Analysis - 11-12-2018

The GBPUSD pair faced strong negative pressure yesterday after postponing Brexit Parliament Vote, which pushed the price to break 1.2636 level and close the daily candlestick below it, putting the price under more expected negative pressure in the upcoming period, as it touched the next negative target mentioned in our last technical update at 1.2500, and we expect the continuation of the bearish bias on the short term basis.

Stochastic provides negative signal that supports achieving more decline, to extend the next target to 1.2350 areas, taking into consideration that breaching 1.2636 and holding above it will provide initial chances to start attempts to cover the losses that the pair suffered in the previous sessions.

Expected trading range for today is between 1.2450 support and 1.2650 resistance.

Expected trend for today: Bearish