GBP/USD is currently trading with a bearish bias. As long as the pair trades within the descending channel, expect a possible bearish price rally to the lower side. Any clear breakout above the upper trend line forming top of the falling channel will lead to a possible bullish price rally towards 1.3099 or even higher. This pair should be traded alongside GBP/JPY, GBP/NZD, GBP/AUD, and GBP/CAD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.
As long as the pair trades within the falling channel, look for short positions with ideal targets below 1.2792 . Buy orders are only recommended above 1.2997 or upon a clear rebound from 1.2902.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.