The GBPUSD needs confirmation signal - Analysis - 07-10-2021

The GBPUSD pair still confined between the key levels represented by 1.3530 support and 1.3600 resistance, and as we mentioned in our last report, the price needs to breach one of these levels to detect its next destination clearly, which keeps our neutrality valid until now.

The contradiction between stochastic positivity and the EMA50 negativity provides another reason for neutrality, noting that breaking the mentioned support will press on the price to continue the decline within the bearish channel that its first target located at 1.3410, while breaching the resistance will lead the price to turn to rise and visit 1.3660 followed by 1.3720 levels initially.

The expected trading range for today is between 1.3490 support and 1.3670 resistance.

The expected trend for today: Neutral