The GBPUSD achieves the extended target – Analysis - 14-10-2019

The GBPUSD pair rallied higher to the upside in last Friday to succeed to hit our extended target at 1.2670, finding a good resistance there to bounce lower and retest the breached neckline of the double bottom pattern that its lines appear in the image, affected by stochastic negativity, this pattern supports the chances for the continuation of the bullish trend on the short term basis, to extend the next target to 1.2837 levels.

Therefore, we preferred witnessing more of the upside moves in the upcoming sessions, taking into consideration that breaking 1.2580 then 1.2500 levels will stop the positive scenario and pushes the price to decline again.

The expected trading range for today is between 1.2520 support and 1.2700 resistance.

The expected trend for today: Bullish