Daily Trade Ideas

GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 23, 20231 min
Gbpusd

Daily Price Outlook

  • GBP/USD faces challenges in returning to bullish channel
  • Bearish rebound initiates correctional wave on intraday basis
  • Testing 1.2675 level may lead to further decline towards 1.2580 and 1.2515

The GBP/USD pair encounters challenges in confirming a return to its main bullish channel, resulting in a bearish rebound and the initiation of a correctional bearish wave on an intraday basis.

The pair is poised to test the 1.2675 level initially, with a potential breakthrough signaling further decline towards 1.2580 and 1.2515 as key support levels.

As a result, a bearish bias is anticipated for today, although breaking above 1.2790 would negate the negative outlook and guide the price back to its main bullish track.

The trading range for the day is projected between the support level of 1.2620 and the resistance level of 1.2790.

GBP/USD Price Chart – Source: Tradingview

GBP/USD – Trade Idea

Entry Price –Sell Limit 1.27371

Take Profit – 1.26591

Stop Loss – 1.28002

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$780/ -$631

Profit & Loss Per Micro Lot = +$78/ -$63

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GBP/USD

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