The GBPUSD price attempts to recover - Forecast today - 26-03-2024
Economies.com
2024-03-26 02:15AM UTC
GBPUSD Price Analysis
- The GBPUSD price found solid support at the 1.2580$ level, indicating some bullish bias.
- The price is approaching a retest of the broken neckline of the double top pattern visible on the chart.
- The EMA50 is exerting negative pressure on the price, supporting the chances of continuing the correctional bearish trend.
- The targets of this bearish trend extend to 1.2480$ after surpassing the previous level.
- The continuation of the bearish wave depends on the price stability below the 1.2700$ level.
- Breaching the 1.2700$ level could indicate a return to the main bullish track, targeting gains starting at 1.2800$.
Expected Trading Range for Today:
- Support: 1.2540$
- Resistance: 1.2700$
Trend Forecast: Bearish
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