GBP/USD currency pair analysis

The pound against the dollar continues its bearish movement, as it confirmed the breach of the 1.2200 support level and is approaching the next support 1.2100.

We are likely to see some correction to the upside as a result of the positive signal that comes from the stochastic indicator, and it is likely to reach the broken support level 1.2200 before returning to the downside again.

The EMA50 supports the expected decline, taking into consideration that breaching 1.2225 will stop the current negative pressure and lead the price to start new recovery attempts.

The expected trading range for today is between 1.2040 support and 1.2200 resistance.

Support: 1.2150—1.2100—1.1950.

Resistance: 1.2200—1.2250—1.2340—1.2400.

The forecast general trend for today: bearish.

Author: GC
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