The GBPUSD pair bounced upwards clearly yesterday to trade above the neckline of the head and shoulders’ pattern that appears on the chart, but it faced solid resistance formed by the EMA50, which keeps the chances valid to resume the recently suggested negative scenario, motivated by the negative signal provided by stochastic now, waiting to visit 1.3775 followed by 1.3685 levels as main targets.
On the other hand, we should note that breaching 1.3975 followed by 1.4000 levels will stop the expected decline and lead the price to resume the main bullish trend again.
The expected trading range for today is between 1.3870 support and 1.4040 resistance.
The expected trend for today: Bearish