The GBPUSD achieves some bullish correction – Analysis - 16-08-2019

The GBPUSD pair provided clear positive trades yesterday as a bullish correction for the decline measured from 1.2518 to 1.2015, noticing that the rise stopped at 23.6% Fibonacci that formed solid resistance at 1.2135, to rebound bearishly and resume its main bearish track, waiting to surpass 1.2080 followed by 1.2015 levels to confirm opening the way to achieve our main negative target at 1.1930.

Therefore, the overall bearish trend will remain suggested for the upcoming period, noting that breaching 1.2135 will push the price to achieve more bullish correction on the intraday basis.

The expected trading range for today is between 1.1980 support and 1.2135 resistance.

The expected trend for today: Bearish