The GBPUSD under the negative pressure – Analysis - 28-05-2020

The GBPUSD pair broke 1.2304 level clearly and settled below it, which stops the positive scenario suggested in our previous report, on its way to head towards 1.2093 as a next negative station.

The intraday bullish channel that confines the recent trades might form bearish flag pattern that supports the chances of achieving more decline on the short term basis, and breaking 1.2215 is considered as the key to activate the negative effect of this pattern, making the bearish trend suggested for the upcoming sessions unless breaching 1.2304 level and holding above it again.

The expected trading range for today is between 1.2160 support and 1.2330 resistance.

The expected trend for today: Bearish