GBPUSD tests the support – Analysis - 30-09-2016

The GBPUSD pair continued to decline to touch the key support 1.2945, accompanied by witnessing clear oversold signals through stochastic, which might push the price to test 1.3063 areas again, to keep the price confined between these levels on the intraday basis, waiting to breach one of them to detect the next targets clearly.

Therefore, the sideways trading will remain dominant in the upcoming period until the price manages to achieve the required breach, reminding you that breaking 1.2945 level will push the price to resume the short term bearish track to target 1.2864 followed by 1.2800 areas initially, while breaching 1.3063 level represents the key to extend the correctional bullish wave towards 1.3135 followed by 1.3194.

Expected trading range for today is between 1.2800 support and 1.3100 resistance.

Expected trend for today: Sideways