The GBPUSD approaches the target – Analysis - 10-09-2019

The GBPUSD pair rose well yesterday to approach our waited target at 1.2400, fluctuating at the support base formed above 1.2326 after breaching it previously, affected by stochastic negativity, to face contradiction between the technical factors, as the EMA50 provides the positive support to the price.

Therefore, we prefer staying aside until the price confirms breaching one of the above mentioned levels to detect its next destination clearly, noting that breaching 1.2400 resistance will extend the pair’s gains to reach 1.2520 as a next main station, while breaking 1.2326 support will press on the price to start attempts to return to the main bearish trend that its targets begin at 1.2207 and extend to 1.2134.

The expected trading range for today is between 1.2240 support and 1.2430 resistance.

The expected trend for today: Depends on the above mentioned levels