Daily Price Outlook
- The GBPUSD pair is on the upswing, eyeing a bullish trend with a target of 1.2680, spurred by a double bottom pattern.
- Some sideways movement is possible due to Stochastic indicator’s current negativity, but keep an eye on the 1.2545 mark – breaking it could lead to testing support at 1.2470.
- Today’s trading range is likely between 1.2500 support and 1.2660 resistance, with a bullish trend expected.
The GBPUSD pair is making positive strides, gearing up to continue its anticipated bullish run in the near future, fueled by the momentum from the recently formed double bottom pattern. We’re setting our sights on an impressive target of 1.2680 as the pair climbs.
However, the current Stochastic indicator hints at a little turbulence; we might witness some sideways zigzagging before the pair gets its rocket boosters back on.
Take note though, if the pair slips below 1.2545, it’s like walking on a tightrope as it may dive to test critical support at 1.2470 before making another shot at the moon.
For today’s trading landscape, keep an eagle eye on the 1.2500 support and 1.2660 resistance levels.
GBP/USD Price Chart – Source: Tradingview
GBP/USD – Trade Idea
Entry Price – Buy Above 1.25595
Stop Loss – 1.25241
Take Profit – 1.26264
Risk to Reward – 1: 1.89
Profit & Loss Per Standard Lot = +$669/ -$354
Profit & Loss Per Micro Lot = +$66/ -$35
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