The GBPUSD confirms the breach - Analysis - 13-03-2023

The GBPUSD pair rallied upwards to confirm breaching the correctional bearish channel’s resistance, which stops the correctional bearish trend and lead the price to attempt to regain the main bullish trend again, on its way to achieve positive targets that start at 1.2260 and extend to 1.2440.

Therefore, the bullish bias will be suggested for today, it might be preceded by some temporary sideways fluctuation affected by stochastic negativity, waiting to gather positive momentum that assists to push the price to achieve the expected targets.

Note that breaking 1.2050 will put the price under intraday negative pressure that targets testing the most important support at 1.1940 before any new attempt to rise.

The expected trading range for today is between 1.2040 support and 1.2200 resistance.

The expected trend for today: Bullish