Lately, the GBP/USD pair has shown a negative trend, aiming for the 1.2370 level while trying to surpass it, which indicates a possible progression towards more bearish correctional goals. If a confirmed breakthrough occurs, the price is expected to reach 1.2262 as the following downward target.

Consequently, a bearish perspective is proposed for today, reinforced by the descending pressure applied by the 50-day EMA. Nevertheless, if the required breakthrough does not materialize and the 1.2430 level is surpassed, the predicted decline will be stopped, prompting the price to revert to the main bullish trend.

The anticipated trading range for today is between the 1.2350 support and the 1.2550 resistance levels.

(GBP/USD) Trade Idea

Entry Price – Buy Above 1.2425

Stop Loss – 1.23512

Take Profit – 1.25475

Risk to Reward – 1 : 1.6

Profit & Loss Per Standard Lot = +$1,220/ -$730

Profit & Loss Per Micro Lot = +$122/ -$73

On Tuesday, the precious metal gold oscillated around the $1,992 level, attempting to break through it. This suggests a bearish trend for the upcoming period, with the next correctional target set at $1,957.

The exponential moving average (EMA50) exerts negative pressure on the price, supporting the continuation of the corrective bearish scenario.

However, it is essential to note that breaching the $2,010 level would halt the anticipated decline and lead the price to regain its primary bullish trend.

The expected trading range for today lies between the $1,975 support level and the $2,010 resistance level.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2000

Stop Loss – $1992

Take Profit – $2015

Risk to Reward – 1 : 1.88

Profit & Loss Per Standard Lot = +$1,500/ -$800

Profit & Loss Per Micro Lot = +$150/ -$80

The EUR/USD currency pair trades with a neutral bias after facing strong resistance around the 1.098 level. Extended by a double-top pattern, the resistance level is a solid resistance for the euro today.

On the lower side, the EUR/USD pair has immediate support around the 1.0952 level, and a substantial sell-off could push the pair further down toward the 1.0930 or 1.0910 levels. However, if the EUR/USD breaks above 1.0985, it can target resistance levels of 1.1000 or 1.1018.

EUR/USD Trade Idea

Entry Price – Sell Below 

Stop Loss – 1.10068

Take Profit – 1.09537

Risk to Reward – 1 : 1.1

Profit & Loss Per Standard Lot = +$280/ -$250

Profit & Loss Per Micro Lot = +$28/ -$25