GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• The GBPUSD pair continues its bullish rally, targeting the next level at 1.3200 after surpassing the previous target at 1.3080.
• The projected trading range for today is expected to be between 1.3070 as support and 1.3220 as resistance.
• While the overall trend remains bullish, caution is advised due to the possibility of a bearish correction below 1.31451.

The GBPUSD pair continues its bullish rally, surpassing our anticipated target at 1.3080 and paving the way for further upward movement. Our next target is set at 1.3200, but it is important to note that there may be some sideways fluctuations influenced by negative stochastic signals. However, we anticipate positive momentum to emerge, pushing the price towards the awaited targets.

However, it is worth mentioning that a bearish correction could be expected if the price falls below the level of 1.31451. This correction would suggest a temporary reversal in the overall bullish trend.

Therefore, while maintaining a generally bullish outlook for the upcoming period, it is crucial to monitor the price's behavior around the support level at 1.31451. A break below this level could indicate a shift towards bearish sentiment.

The projected trading range for today is expected to be between the support level at 1.3070 and the resistance level at 1.3220.

Overall, the expected trend for today remains bullish, but caution should be exercised in light of the potential for a bearish correction under 1.31451. GBP/USD Price Chart – Source: Tradingview Select an Image

GBP/USD - Trade Idea

Entry Price – Sell Limit 1.31470

Take Profit – 1.30484

Stop Loss – 1.32129

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$986/ -$659

Profit & Loss Per Micro Lot= +$98/ -$65