Midday update for the GBPUSD 23-05-2023
Economies.com
2023-05-23 09:47AM UTC
The GBPUSD pair trades with clear negativity to reactivate the negative effect of the head and shoulders’ pattern that appears on the chart, which supports the continuation of the bearish trend scenario efficiently for the upcoming sessions, and the way is open to achieve our first target at 1.2345, reminding you that breaking it will push the price to 1.2240 as a next main station.
Therefore, we are waiting for more decline on the intraday and short term basis conditioned by the price stability below 1.2470 and 1.2525 levels.
The expected trading range for today is between 1.2350 support and 1.2500 resistance.
The expected trend for today: Bearish
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