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Sterling leans on upward secondary trend line - Analysis - 02-08-2023
The GBP/USD pair edged lower in early trading today after a dip yesterday, leaning thereafter on the upward secondary trend line in the short term, while also leaning on the support of the 50-day SMA, as the pair seeks a bottom to help it gather positive momentum and recover.
Therefore we expect the stock to return higher, targeting the first resistance at 1.2950, provided the pivotal support of 1.2670 holds on.
Expected trading range for today is between the 1.2670 support and the 1.2950 resistance.
Expected trend for today: Likely bullish
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