The GBPUSD under the negative pressure - Analysis - 03-05-2021

The GBPUSD pair continued its negative pressure to surpass the EMA50 and formed negative pattern that its signs appear on the chart, which hints heading to achieve more expected decline in the upcoming sessions, but we notice that the price consolidates above the intraday bullish channel’s support line, getting positive support by stochastic.

Therefore, this contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaking 1.3805 will put the price under more negative pressure to head towards 1.3710 as a next negative target, while breaching 1.3825 followed by 1.3860 levels represents positive factor that will motivate the price to recover again and head towards 1.3975 followed by 1.4040 areas mainly.

The expected trading range for today is between 1.3730 support and 1.3910 resistance.

The expected trend for today: Neutral