The GBPUSD hits the target - Analysis - 04-10-2021

The GBPUSD pair succeeded to touch our first target at 1.3530, and found solid resistance formed by the previously broken horizontal support line at 1.3565, which appears on the chart, and the EMA50 meets this resistance to add more strength to it, while stochastic loses its positive momentum clearly to show overbought signals.

Therefore, these factors encourage us to suggest the bearish rebound to resume the bearish trend in the upcoming sessions, which moves organized inside the bearish channel that appears on the chart, noting that the main expected target is located at 1.3415, while breaching 1.3600 represents the key to head to achieve more gains and more bullish correction on the intraday basis.

The expected trading range for today is between 1.3440 support and 1.3600 resistance.

The expected trend for today: Bearish