GBPUSD under the negative pressure – Analysis - 27-02-2017

The GBPUSD pair found difficulty to breach 1.2550 level, to bounce lower from there and head towards potential test to the critical support level at 1.2339, which makes us prefer the continuation of the negative pressure in the upcoming period, pointing that breaking the mentioned support will push the price to return to the long term bearish channel then targeting the previously recorded bottom at 1.1997.

Therefore, the bearish bias will be preferred on the intraday and short term basis unless breaching 1.2550 level and holding above it, where breaching this level will lead the price to achieve good gains that begin at 1.2720 and extend to 1.2890.

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

Expected trend for today: Bearish