Daily Price Outlook
Yesterday's trading activity in the GBP/USD pair resulted in a fall, with the price falling below the bullish channel's support line. This signaled the beginning of a retracement of the upward trend that had begun around 1.1800; the next objective is 1.2250.
The bearish trading trend is likely to persist today, and if the price drops below 1.2355, achieving the forecasted drop will be much simpler. The bearish correction will end, and the primary bullish trend will resume if the price rises above 1.2440.
On Tuesday, GBP/USD's expected trading range is between 1.2300 support and 1.2460 resistance levels.
GBPUSD Trade Idea
Entry Price – Buy Above 1.2400
Stop Loss – 1.2340
Take Profit – 1.2490
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$900/ -$600
Profit & Loss Per Micro Lot = +$900/ -$60
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.