The GBPUSD forms negative pattern - Analysis - 29-09-2022

The GBPUSD pair provided strong positive trades yesterday to attack 1.0845 level, but it begins today with clear decline to fluctuate below this level, to start forming double top pattern that its signs appear on the chart, which keeps the chances valid to decline in the upcoming sessions, targeting testing 1.0635 level initially.

Therefore, we expect to witness more decline today, supported by stochastic negativity that appears on the four hours’ time frame, noting that breaching 1.0845 will push the price to achieve additional bullish correction that its next target reaches 1.1015.

The expected trading range for today is between 1.0690 support and 1.0850 resistance.

The expected trend for today: Bearish