Daily Price Outlook
- The GBP/USD pair rallied strongly, surpassing the 1.2780 level and reaching a high of 1.2848.
- Today, we anticipate a continuation of the bearish bias, with the price likely to test the key support level of 1.2720.
- The expected trading range for today is between the support level at 1.2720 and the resistance level at 1.2880.
The GBP/USD pair experienced a strong upward rally in recent sessions, breaking the 1.2780 level and reaching a new high at 1.2848. However, the price encountered solid resistance at this level, resulting in a bearish bias supported by stochastic negativity.
As a result, we anticipate a continuation of the bearish bias today, with the price likely to test the key support level of 1.2720. It's important to note that a breach of 1.2848 would halt the expected decline and potentially lead to a resumption of the main bullish trend.
For today's trading, the expected range is between support at 1.2720 and resistance at 1.2880.
Overall, the trend for today is expected to be bearish.
GBP/USD Price Chart – Source: Tradingview
GBP/USD - Trade Idea
Entry Price – Sell Limit 1.27819
Take Profit – 1.28544
Stop Loss – 1.27266
Risk to Reward – 1: 30
Profit & Loss Per Standard Lot = +$725/ -$553
Profit & Loss Per Micro Lot = +$72/ -$55
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