GBPUSD suffers sharp losses – Analysis - 29-03-2017

The GBPUSD pair achieved strong break to 1.2550 level yesterday, and rallied lower to approach from the critical support level at 1.2339, which puts the price under negative pressure that might push the trading to regain the long term bearish track, pointing that breaking the last level will confirm the extension of the bearish wave to target 1.1997 levels mainly.

Therefore, the bearish bias will be preferred in the upcoming period unless breaching 1.2550 level and holding above it, where this breach will motivate the price to achieve gains that begin mainly at 1.2720.

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

Expected trend for today: Bearish