Forex

The GBPUSD breaks the support - Analysis - 16-08-2022

2022-08-16 03:25:32 GMT (Economies.com)

The GBPUSD pair continued to decline to break 1.2077 and settles below it, and by taking a deeper look at the chart, we find that the price forms double top pattern that supports the chances of continuing the decline on the intraday and short term basis, and it needs to break 1.2030 to activate the negative effect of the mentioned pattern followed by rallying to achieve negative targets that start at 1.1930 and extend to 1.1800.

 

Therefore, the bearish bias will be suggested for the upcoming period unless the price rallied to breach 1.2125 and hold above it.

 

The expected trading range for today is between 1.1960 support and 1.2120 resistance.

 

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The expected trend for today: Bearish

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