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
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.