The GBPUSD forecast update 25-03-2024

The GBPUSD price shows weak trades since morning, fluctuating near 1.2580$ level, waiting to get negative motive that assist to push the price to resume the expected bearish trend for today, which its targets begin by breaking the mentioned level to open the way to head towards 1.2480$ as a next negative station.

Negative indicators, and the expected trend

• The negative scenario depends on the completion of the double top pattern that appears on the chart.

• The price needs to hold below 1.2700$ to continue the bearish trend.

The expected scenarios

• The expected trend for today is bearish, and the next main target reaches 1.2480$.

• Breaching 1.2700$ will stop the negative scenario and push the price to turn to rise.

Expected trading range and trend

The expected trading range for today is between 1.2500$ support and 1.2660$ resistance.

Trend forecast: Bearish