The GBPUSD price completes new negative pattern - Forecast today - 02-04-2024

Economies.com
2024-04-02 01:41AM UTC

Market Analysis for GBPUSD Price

  • The GBPUSD price ended yesterday below the 1.2580$ level, indicating completion of forming a head and shoulders pattern with negative targets.
  • The Exponential Moving Average (EMA) 50 continues to exert downward pressure on the price, supporting the expected decline. However, breaching 1.2580$ will invalidate the negative pattern mentioned.

The expected trading range for today is between 1.2460$ support and 1.2600$ resistance.

Trend forecast: Bearish

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