The GBPUSD draws a positive pattern – Analysis - 06-07-2020

The GBPUSD pair is confined between the EMA50 that forms good intraday support line at 1.2435 and the key resistance 1.2515, and by taking a deeper look at the chart, we find that the price draws potential inverted head and shoulders’ pattern, its confirmation line meets the mentioned resistance, which means that breaching it will lead the price to rally upwards towards 1.2777 direct.

On the other hand, stochastic shows negative signals that might press on the price to decline again and head to test 1.2304 support areas, but it needs to break 1.2435 level to confirm the decline to target the mentioned support.

Therefore, we prefer staying aside until the price confirms breaching one of the above mentioned next trend keys to detect its next targets clearly.

The expected trading range for today is between 1.2400 support and 1.2580 resistance.

The expected trend for today: Neutral