The GBPUSD pair has successfully surpassed the resistance of the bearish channel and concluded yesterday above it. This has initiated a bearish correction in response to the prior decline, which extended from 1.3141 to 1.2037. As such, the pair is anticipated to target 1.2297 as its initial primary objective.
Today, a bullish bias is expected to prevail, with additional support coming from the pair’s position above the EMA50. However, traders should be aware that breaking below 1.2145 could halt this optimistic scenario, potentially leading the price back into the primary bearish trajectory.
The current trading range is projected to be between support at 1.2120 and resistance at 1.2280. Today’s expected trend is bullish, considering the present conditions and technical indicators.