GBPUSD under the negative pressure again – Analysis - 13-01-2017

The GBPUSD pair bounced downwards strongly after approaching from 1.2339 level yesterday, to break 1.2230 level and settles below it, which reactivates the bearish trend scenario on the short term basis, paving the way to head towards the recently recorded low at 1.1997 as a next main station.

Therefore, the bearish bias will be suggested in the upcoming period supported by the negative pressure provided by the EMA50, unless the price managed to breach 1.2230 followed by 1.2339 levels and hold above them, which will lead the price for recovery attempts and target 1.2550 mainly.

Expected trading range for today is between 1.2000 support and 1.2230 resistance.

Expected trend for today: Bearish