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GBP/USD sees limited positive attempts to settle for its highest level during the previous trading session’s trading around 1.3065.
Technically, the pair is still pressing on the psychological support level of 1.3000. In addition, we notice that the pair continues to get negative pressure from the 40-day moving average, which coincides with the clear negative signs on the stochastic indicator.
Therefore, the bearish bias may be the most preferred today, knowing that the confirmation of breaking the psychological barrier of 1.3000 is a sign that the pair is heading to visit 1.2975, the first targe, then 1.2930, a next official station, as long as the intraday trading for the pair is stable below 1.3050 and, most importantly, 1.3080, we continue to suggest the bearish trend unless we see any trading above 1.3150.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 1.2975 | R1: 1.3085 |
| S2: 1.2930 | R2: 1.3140 |
| S3: 1.2875 | R3: |