The GBPUSD faces negative pressure – Analysis - 20-08-2019

The GBPUSD pair settled near 1.2135 level, noticing that the EMA50 formed a good support base that protect the price from suffering more of the losses, and the price begins providing slight positive trading after retesting the previously breached resistance of the bearish channel that appears in the image.

Therefore, we believe that the chances are available for the continuation of the bullish correction in the upcoming sessions, and the targets begin at 1.2207 and extend to 1.2265, being aware that the failure to settle above 1.2135 and breaking 1.2105 level will stop the positive scenario and pushes the price to resume the main bearish trend again.

The expected trading range for today is between 1.2070 support and 1.2230 resistance.

The expected trend for today: Bullish