The GBPUSD tests the resistance - Analysis - 22-05-2023
Economies.com
2023-05-22 03:52AM UTC
The GBPUSD pair traded positively to test the key resistance 1.2470, and we notice that the EMA50 meets this resistance to add more strength to it, while stochastic lost its positive momentum clearly and begins to overlap negatively now.
Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, noting that the next main target is located at 1.2345, while breaching 1.2470 followed by 1.2510 levels represents the key to stop the expected bearish correction and return to the main bullish track again.
The expected trading range for today is between 1.2360 support and 1.2510 resistance.
The expected trend for today: Bearish
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