The GBPUSD within negative pattern - Analysis - 30-05-2023
Economies.com
2023-05-30 04:10AM UTC
The GBPUSD pair’s recent trades are confined within bearish pennant pattern that appears on the chart, and the EMA50 forms negative pressure against the price, while stochastic loses its positive momentum clearly.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, and the targets begin by breaking 1.2345 to confirm opening the way to head towards 1.2240.
Holding below 1.2380 is important to continue the correctional bearish scenario, as breaching it will cancel the suggested negative formation and lead the price to attempt to return to the main bullish track again.
The expected trading range for today is between 1.2270 support and 1.2430 resistance.
The expected trend for today: Bearish
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