The GBPUSD price’s rise stopped at the minor bullish channel’s resistance line that appears on the chart, to rebound bearishly and head towards achieving expected decline in the upcoming sessions, targeting testing the mentioned channel’s support line around 1.2210$, noting that this channel forms potential bearish flag pattern that might push the price to resume the main bearish track within the main bearish channel that appears on the image.

 

Therefore, we expect to witness negative trades today, taking into consideration that the consolidation of 1.2300$ level against the negative attempts will lead the price to recover again and head to test 1.2440$ areas mainly.

 

The expected trading range for today is between 1.2230$ support and 1.2380$ resistance

 

Trend forecast: Bearish