The GBPUSD pair’s recent trades are confined within minor bullish channel that we believe it forms bearish flag pattern, and the price needs to break 1.2705 level to activate the negative effect of this pattern followed by rallying to resume the main bearish trend, which its next target located at 1.2636.
Stochastic enters the overbought areas to form negative factor that we are waiting to motivate the price to break the above mentioned support, which supports the continuation of our bearish overview in the upcoming sessions, which its targets extend to reach 1.2500 after surpassing the first target, while holding below 1.2780 represents key condition to continue the expected decline.
Expected trading range for today is between 1.2636 support and 1.2800 resistance.
Expected trend for today: Bearish