GBP/USD currency pair analysis

The pound sterling against the dollar did not form any significant movement during yesterday's trading, as it settled within a sideways range around the level of the two moving averages 7-20, but the bearish path remains the most likely in the coming periods, due to the negative pressure of the 50 average and the negative …

The pound sterling against the dollar did not form any significant movement during yesterday’s trading, as it settled within a sideways range around the level of the two moving averages 7-20, but the bearish path remains the most likely in the coming periods, due to the negative pressure of the 50 average and the negative sign of the stochastic indicator. Therefore, we are expected to see the continuation of the bearish path as long as the price is stable below the resistance 1.2200, which is where the EMA50 resides.

In general, we continue to suggest the bearish path as long as the price continues to move below the 1.2200 level and the targets start from the 1.1980 level and extend to 1.1900.

The expected trading range for today is between the support 1.2000 and the resistance 1.2160.

Support: 1.2050—1.2000—1.1780.

Resistance: 1.2100—1.2185—1.2200.

The forecast general trend for today: bearish.

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