GBPUSD tests the resistance – Analysis - 23-10-2017

The GBPUSD pair provided positive trading to test the key resistance 1.3196, noting that this level represents the meeting point of the previously broken 50% Fibonacci correction level with the broken support of the bullish channel that appears on chart, besides the EMA50 that settles there, which hints the chance of bouncing bearishly in the upcoming sessions.

Until now, our neutrality still valid until the price confirms breaching one of the key levels represented by 1.3096 support and 1.3196 resistance, reminding you that breaking this level will put the price under more negative pressure that targets 1.2973 level direct, while breaching the resistance will release the price from the negative pressure and lead the price to regain its main bullish track again, to start the positive targets at 1.3295 followed by 1.3418.

Expected trading range for today is between 1.3100 support and 1.3296 resistance.

Expected trend for today: Depends on the above mentioned levels