Daily Price Outlook
- GBP/USD extends downward movement, moving away from the 1.2640 level, supporting the continuation of the bearish trend with potential support at 1.2580 and 1.2515.
- The double top pattern remains influential, reinforcing the bearish wave. A rally above 1.2680 and 1.2720 levels would challenge this outlook.
- Expected trading range for today: Support at 1.2530, Resistance at 1.2690.
The GBP/USD pair extended its downward movement, distancing itself from the 1.2640 level. This reinforces our expectation of a continued correctional bearish trend, with the next potential support levels at 1.2580 and 1.2515.
The ongoing influence of the double top pattern supports the continuation of the suggested bearish wave. For this bearish outlook to be challenged, the price would need to rally and surpass the levels of 1.2680 and 1.2720.
In today's trading, we anticipate a range between the support level at 1.2530 and the resistance level at 1.2690.
The prevailing trend for today remains bullish above 1.26023 and bearish below the same.
GBP/USD Price Chart – Source: Tradingview
GBP/USD – Trade Idea
Entry Price – Buy Above 1.2600
Take Profit – 1.27531
Stop Loss – 1.24916
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$1530/ -$1080
Profit & Loss Per Micro Lot = +$153/ -$108
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