GBPUSD under the negative pressure – Analysis - 15-10-2018

The GBPUSD pair traded with clear negativity on last Friday and begins today with bearish gap that puts the price below the EMA50, but we notice that the price moves near the bullish channel’s support line that appears on the chart, accompanied by witnessing clear oversold signals through stochastic, which provides positive chances to rebound bullishly and resume the bullish trend in the upcoming sessions.

Therefore, the bullish bias will be suggested for today unless breaking 1.3055 level and holding below it, noting that our first target is represented by testing 1.3226 level, while breaking 1.3055 will extend the pair’s losses to reach 1.2963 direct.

Expected trading range for today is between 1.3050 support and 1.3226 resistance.

Expected trend for today: Bullish