Daily Price Outlook
- GBP/USD exhibits strong upward momentum, nearing the primary target at 1.3000.
- Holding above 1.2848 is crucial for achieving the desired targets.
- The projected trading range for today is between the support level at 1.2890 and the resistance level at 1.3050.
The GBP/USD pair is displaying clear upward momentum as it approaches our primary target at 1.3000. We anticipate the bullish bias to persist in the upcoming sessions, aiming for additional positive targets at 1.3075.
Hence, the bullish trend is expected to maintain its dominance on both intraday and short-term bases, characterized by the presence of a bullish channel on the chart. It is crucial for the price to stay above 1.2848 to achieve the anticipated targets.
However, it is worth noting that a bearish correction is anticipated as the GBP/USD pair has entered the overbought zone.
The projected trading range for today is situated between the support level at 1.2890 and the resistance level at 1.3050.
Overall, the trend for today is expected to be bullish with a possibility of a bearish correction.
GBP/USD Price Chart – Source: Tradingview
GPB/USD - Trade Idea
Entry Price – Sell Limit 1.29696
Take Profit – 1.28829
Stop Loss – 1.30095
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$867/ -$399
Profit & Loss Per Micro Lot = +$86/ -$39
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