The GBPUSD attempts to recover – Analysis - 16-12-2019

The GBPUSD pair opens today’s trading with a bullish bias in attempt to regain the bullish trend after the strong decline that we witnessed in last Friday, where it moves above 1.3380 level now, which supports the chances for resuming the expected bullish trend in the upcoming period, organized within the bullish channel that appears in the image.

Therefore, the bullish bias will be preferred for today, supported by stochastic approach from the overbought levels, pointing that our next main target extends to go further towards 1.3700, taking into consideration that the failure to settle above 1.3380 will stop the suggested rise and presses on the price to decline to 1.3225 levels before any new attempts to rise.

The expected trading range for today is between 1.3300 support and 1.3480 resistance.

The expected trend for today: Bullish