The GBPUSD ends the week negatively - Analysis - 05-06-2023

The GBPUSD pair bounced downwards strongly after reaching 1.2540 areas, to break 1.2470 level and settles below it, which stops the bullish trend mentioned in our previous report and push the price to return to the correctional bearish track, to head towards testing 1.2345 as a first station, which breaking it represents the key to rally towards 1.2240 as a next correctional target.

Note that breaking 1.2430 will ease the mission of achieving the suggested targets, taking into consideration that breaching 1.2470 will stop the expected decline and push the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 1.2345 support and 1.2495 resistance.

The expected trend for today: Bearish