The GBPUSD tests the first resistance - Analysis - 01-06-2023
Economies.com
2023-06-01 03:53AM UTC
The GBPUSD pair bounced upwards clearly to test the first key resistance 1.2445, keeping its stability below it, to keep the negative effect of the head and shoulders’ pattern active, waiting to resume the correctional bearish wave that its targets begin at 1.2345 and extend to 1.2240 after breaking the previous level.
Stochastic loses its positive momentum clearly to support the chances of declining in the upcoming sessions, taking into consideration that breaching 1.2445 followed by 1.2470 levels will stop the correctional bearish scenario and lead the price to regain the main bullish trend again.
The expected trading range for today is between 1.2340 support and 1.2500 resistance.
The expected trend for today: Bearish
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