Midday update for the GBPUSD 24-05-2023
Economies.com
2023-05-24 10:01AM UTC
The GBPUSD pair rose quickly to test 1.2470 level, noticing that the price bounced bearishly to settle below the neckline of the head and shoulders’ pattern again, to keep the bearish trend scenario and active for today, motivated by the negative overlapping signal provided by stochastic now, waiting to test 1.2345 initially.
Holding below 1.2470 is important to continue the correctional bearish trend, as breaching it will lead the price to attempt to recover and regain the main bullish trend again.
The expected trading range for today is between 1.2320 support and 1.2490 resistance.
The expected trend for today: Bearish
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