The GBPUSD achieves intraday gains - Analysis - 31-05-2023

The GBPUSD pair traded with clear positivity to breach 1.2380 level and reach 1.2445, noticing that the rise stopped at the broken neckline of the head and shoulders’ pattern that appears on the chart, to start bouncing bearishly now, to keep the negative effect of this pattern active, which encourages us to suggest the continuation of the correctional bearish trend domination, and the targets begin at 1.2345 and extend to 1.2240 after breaking the previous level.

Therefore, we expect to witness negative trades in the upcoming sessions, taking into consideration that breaching 1.2445 followed by 1.2470 levels will stop the expected decline and lea the price to regain the main bullish trend again.

The expected trading range for today is between 1.2290 support and 1.2450 resistance.

The expected trend for today: Bearish