Daily Price Outlook
Yesterday, the GBP/USD pair displayed a mix of trading patterns, initially rising strongly to reach the 1.2780 level, but quickly retracing downwards to test the 1.2675 areas.
It is worth noting that the price currently holds above the crucial support level at 1.2720, indicating an attempt to regain the main bullish trend.
However, the price is currently confined within a rising wedge pattern, which could potentially lead to a correctional bearish movement.
Given the conflicting technical factors, we maintain a neutral stance until we receive clearer signals for the next trend.
Breaking below 1.2720 would likely push the price towards the next correctional station at 1.2640, while surpassing 1.2760 would be key to achieving new gains, potentially targeting the 1.2850 areas.
For today's trading, we anticipate the price to move within a range of support at 1.2640 and resistance at 1.2820.
Overall, the expected trend for today is neutral, considering the current market conditions.
GBP/USD Price Chart – Source: Tradingview
GBP/USD - Trade Idea
Entry Price – Buy Stop 1.27679
Take Profit – 1.28362
Stop Loss – 1.27044
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$683/ -$635
Profit & Loss Per Micro Lot = +$68/ -$63
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