GBPUSD draws a negative formation – Analysis - 13-02-2019

The GBPUSD pair provided calm positive trading to test 1.2900 barrier, and by taking a deeper look at the chart, we find that the price draws bearish pattern represented by the head and shoulders that its neckline located at 1.2830, which means that breaking this level will provide strong negative motive that we expect to push the price to surpass 1.2636 barrier and reach 1.2440 areas.

Stochastic shows negative signals that we expect it will assist to push the price to break the above mentioned neckline, thus, we will continue to suggest the bearish trend in the upcoming period unless breaching 1.2962 level and holding with a daily close above it.

The expected trading range for today is between 1.2800 support and 1.2962 resistance.

The expected trend for today: Bearish