The GBPUSD pair bounced downwards clearly after testing the EMA50, which formed solid resistance against the price’s recent positive attempts, noticing that stochastic provides negative overlapping signal now, which supports the chances of continuing the bearish bias in the upcoming period.
Therefore, we are waiting for more decline today, noting that our next main target is located at 1.2962, while holding below 1.3120 represents initial condition to continue the suggested bearish wave.
The expected trading range for today is between 1.2960 support and 1.3135 resistance.
The expected trend for today: Bearish