Midday update for GBPUSD 07-08-2018
Economies.com
2018-08-07 09:33AM UTC
The GBPUSD pair tests 1.2962 level now, which represents the first protecting factor to the continuation of the expected bearish trend scenario for today, noticing that stochastic begins to lose the positive momentum on the four hours’ time frame, while the EMA50 forms continuous negative pressure against the price.
Therefore, we believe that the chances are valid to resume the bearish trend that its next target located at 1.2810, reminding you that breaching 1.2962 will lead the price to achieve positive targets that begin at 1.3060 before any new negative attempt.
Expected trading range for today is between 1.2840 support and 1.3000 resistance.
Expected trend for today: Bearish
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