Forex

The GBPUSD hits the target - Analysis - 17-09-2020

2020-09-17 03:42:16 GMT (Economies.com)

The GBPUSD pair succeeded to achieve our waited target at 1.3000 and bounced bearishly from there after finding solid resistance at this level, to approach testing the intraday bullish channel’s support line that appears on the chart, which we believe that it forms bearish flag pattern that will push the price to resume the correctional bearish trend.

 

Therefore, we expect witnessing more decline in the upcoming sessions, and breaking 1.2890 will push the price towards 1.2705 as a main negative target, noting that breaching 1.3000 will stop the expected decline and lead the price to regain the main bullish trend again.

 

The expected trading range for today is between 1.2820 support and 1.3000 resistance.

 

The expected trend for today: Bearish

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