FXEM - EMPIRE MARKETS - Company New Article

The GBP/USD price stopped rising at the resistance of the minor ascending channel shown on the chart, to rebound downwards and head towards achieving an expected decline during the upcoming sessions, targeting testing the 1.2210 levels, noting that this channel forms a potential bearish continuation flag pattern that may push the price to resume the main bearish path.

Therefore, we expect to witness negative trading today, taking into account that the 1.2300 level’s cohesion in front of the negative attempts will lead the price to recover again and head towards testing the 1.2440 areas mainly.

EUR/USD managed to touch the 1.0455 level, and we notice that the price found strong resistance there to start bouncing downwards, on its way to build an expected bearish wave on the short-term, targeting a test of the 1.0325 areas initially.

Therefore, the bearish bias will be likely for today, taking into account that breaching 1.0455 will stop the negative scenario and lead the price to make an upward correction with its next target reaching 1.0600.