GBPUSD touches the target – Analysis - 20-07-2018

The GBPUSD pair succeeded to touch our main waited target at 1.2962 and shows some bullish bias from there, affected by this level’s strength that represents 61.8% Fibonacci correction level for the entire rise measured from 1.2108 to 1.4344.

On the other hand, we notice that the price continues to move inside the bearish channels that appear on the chart, which supports the chances of extending the bearish wave on the short term basis, noting that breaking the above mentioned level will push the price to suffer more losses that reach 1.2773 as a next main station.

Until now, we suggest the continuation of the negative pressure depending on the price move inside the bearish channels, taking into consideration that breaching 1.3050 will stop the expected decline and lead the price to start recovery attempts that target testing 1.3226 areas initially.

Expected trading range for today is between 1.2900 support and 1.3100 resistance.

Expected trend for today: Bearish