Daily Price Outlook
- GBP/USD pair finds strong support at 1.2805, initiating a bullish rebound and potentially resuming the main bullish trend within the existing bullish channel on the chart.
- Positive momentum needed to achieve suggested targets; caution required as a break below 1.2805 and 1.2780 levels could indicate a shift away from the bullish channel, leading to short-term price decline.
- Anticipated trading range for today: Support at 1.2775, Resistance at 1.2930.
The GBP/USD pair has found robust support at the level of 1.2805 and has initiated a bullish rebound from this key level. This development indicates a potential resumption of the main bullish trend, which is aligned with the existing bullish channel evident on the chart.
As a result, the upcoming sessions are expected to witness a bullish trajectory, with positive targets identified at 1.2870, followed by 1.2935 and 1.3010.
However, it is worth noting that achieving the suggested targets will require additional positive momentum in the market.
Investors should be watchful of potential price action, as a break below the levels of 1.2805 and 1.2780 could signal a shift away from the bullish channel and a short-term decline in the price.
For today's trading activities, the anticipated range for the GBP/USD pair is expected to be between the support level of 1.2775 and the resistance level of 1.2930.
Traders are advised to closely monitor market movements and price behavior to make informed trading decisions during this period.
GBP/USD - Trade Idea
Entry Price – Buy Above 1.27975
Take Profit – 1.29527
Stop Loss – 1.26921
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$1552/ -$1054
Profit & Loss Per Micro Lot = +$155/ -$105
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