The GBPUSD breaks the support - Analysis - 16-11-2023
2023-11-16 04:08AM UTC

The GBPUSD pair faced additional negative pressure yesterday to break 1.2430 level and settles below it, starting today with more decline to confirm stopping the bullish correction and head towards resuming the main bearish wave again, noting that the next negative station is located at 1.2297.


Therefore, the bearish bias will be expected for today unless breaching 1.2460 and holding above it again, as breaching this level represents positive factor that will lead the price to return to the correctional bullish track and achieve new gains that reach 1.2590.



The expected trading range for today is between 1.2300 support and 1.2450 resistance.


The expected trend for today: Bearish

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