Daily Price Outlook
- GBP/USD breached 1.2870, reinforcing bullish trend with targets at 1.2935 and 1.3010.
- Some technical indicators show negative signals, temporary slowdown expected. Traders await positive momentum for target push.
- Breaking below 1.2870 and 1.2805 may lead to bearish correction.
The GBP/USD pair successfully breached the 1.2870 level and established a solid support base above it, reinforcing the belief in a continued bullish trend. The next target levels are anticipated at 1.2935, followed by 1.3010.
However, it's worth noting that some technical indicators are showing negative signals, which may temporarily slow down the expected bullish movement. Traders are awaiting positive momentum that could assist in pushing the price towards the projected targets.
In this context, breaking below the support levels at 1.2870 and 1.2805 could halt the anticipated rise and potentially lead to additional bearish correction over the longer-term.
The expected trading range for today is between the support level of 1.2820 and the resistance level of 1.2980.
GBP/USD - Trade ideas
Entry Price – Buy Above 1.28467
Take Profit – 1.30493
Stop Loss – 1.27461
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$202/ -$100
Profit & Loss Per Micro Lot = +$20/ -$10
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
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