Daily Trading Signal
* GBPUSD pair attempts to breach 1.1940 resistance, maintaining stability below it.
* EMA50 strengthens 1.1940 resistance level, anticipating corrective bearish wave.
* Today's expected trading range: 1.1820 support to 1.1990 resistance.
The GBP/USD pair continues its upward momentum, attempting to breach the 1.1940 resistance level while maintaining stability below it. The EMA50 converges with this level, reinforcing its strength and anticipating the resumption of the corrective bearish wave, with the next primary target at 1.1625.
The Stochastic indicator currently displays prominent negative signals, suggesting that the price may drop in the coming sessions, confined within the bearish channel visible on the chart.
As a result, our bearish outlook remains valid and in effect. It's important to note that surpassing the 1.1940 and 1.2020 levels would halt the projected decline and lead to a price recovery.
For today, the anticipated trading range is between 1.1820 support and 1.1990 resistance.
GBP/USD Trade Idea
Entry Price – Sell 1.24051
Stop Loss – 1.24308
Take Profit – 1.23693
Risk to Reward – 1 : 13
Profit & Loss Per Standard Lot = +$350/ -$250
Profit & Loss Per Micro Lot = +$35/ -$35
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