The GBPUSD pair ended yesterday with more decline to settle below 1.2410 level, reinforcing the expectations of resuming the main bearish trend, moving within new bearish channel that supports the chances of heading towards 1.2300 that represents our next negative target.

Therefore, the bearish bias will be suggested in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that the continuation of the bearish wave requires holding below 1.2410 and the most important below 1.2490.

The expected trading range for today is between 1.2270 support and 1.2450 resistance.

The expected trend for today: Bearish

The EURUSD pair’s bullish correction stopped at 38.2% Fibonacci correction level at 1.0650, and it couldn’t manage to breach it, to rebound downwards strongly and resume the bearish track, to head towards achieving more expected decline in the upcoming sessions, moving within minor bullish channel that we believe it forms bearish flag pattern.

Therefore, breaking 1.0515 will provide strong negative motive that supports the chances of continuing the negative trades to open the way to achieve additional negative targets that reach 1.0450 followed by 1.0400, noting that breaching 1.0580 will lead the start new recovery attempts.

The expected trading range for today is between 1.0450 support and 1.0600 resistance.

The expected trend for today: Bearish

Crude oil price rallied upwards strongly to succeed achieving our first waited target at 109.15 and breached it to confirm extending the bullish wave on the intraday and short term basis, on its way to head towards 113.70 areas, to keep the positive scenario dominant conditioned by the price stability above 109.15.

Gold price resumes its positive trading to move away from 1890.00 support line, reinforcing the expectations of continuing the bullish trend for today, which targets 1925.35 level as a next station, while its continuation requires holding above the mentioned support.