Daily Price Outlook
- GBP/USD facing negative pressure below 1.2935 level.
- Caution advised if 1.2935 and 1.2870 levels are broken; potential decline to 1.2806.
- Bullish trend scenario still valid with targets at 1.3010 and 1.3140 if support levels hold.
The GBP/USD pair is currently experiencing downward pressure, trading below the 1.2935 level. This calls for cautious trading as a break below this level, followed by a breach of 1.2870, could signal further declines throughout the day, with a potential target of 1.2806.
However, the bullish trend scenario remains valid for today as long as the mentioned support levels hold. In this case, the price targets for GBP/USD start at 1.3010 and could extend to 1.3140 after surpassing the initial resistance.
The expected trading range for today is between the support level at 1.2870 and the resistance level at 1.3050.
The expected trend for today is bullish, provided that the support levels mentioned earlier remain intact.
GBP/USD - Trade Idea
Entry Price – Sell Limit 1.29502
Take Profit – 1.27496
Stop Loss – 1.30605
Risk to Reward – 1: 1.80
Profit & Loss Per Standard Lot = +$200/ -$110
Profit & Loss Per Micro Lot= +$20/ -$11
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