Daily Price Outlook
* The GBPUSD pair has witnessed a strong upward rally, surpassing the target of 1.2550, and aims for further increases with the next primary target at 1.2650.
* The EMA50 supports the price, promoting further gains, although temporary sideways movement may occur due to the stochastic indicator's negative impact.
* The bullish trend is expected to continue, with a break below 1.2550 potentially causing intraday bearish pressure before resuming the upward trajectory; today's trading range is between 1.2490 support and 1.2650 resistance.
The GBPUSD pair has experienced a strong upward rally, surpassing the anticipated target of 1.2550 and settling above it, paving the way for further increases on an intraday and short-term basis.
The next primary target is 1.2650. The EMA50 supports the price from below, enhancing the likelihood of further gains in upcoming sessions.
However, some temporary sideways movement may occur due to the negative impact of the stochastic indicator, as the price awaits positive momentum to reach new targets.
Consequently, we expect the bullish trend to continue for the upcoming period, noting that a break below 1.2550 could subject the price to intraday bearish pressure before resuming its upward trajectory.
Today's expected trading range is between 1.2490 support and 1.2650 resistance.
GBP/USD - Trade Idea
Entry Price – Buy Above $1985
Stop Loss – 1.26190
Take Profit – 1.25010
Risk to Reward – 1 : 2.2
Profit & Loss Per Standard Lot = +$815/ -$365
Profit & Loss Per Micro Lot = +$81/ -$36
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