Daily Price Outlook

    During yesterday's evening, the GBPUSD pair displayed significant bearish movement, breaking below the support line of the previously established bullish channel. Upon closer analysis of the chart, it becomes evident that the price has formed a double top pattern, signaling a potential decline in the upcoming trading sessions.

    This bearish correction aligns with the longer-term perspective, considering the bullish wave measured from 1.2308 to 1.3142.

    As such, we anticipate witnessing negative trades in the near future, with the next target set at 1.2725. However, it is essential to keep in mind that a breach of the 1.2825 level will halt the expected decline and pave the way for the price to resume the main bullish trend.

    For today's trading range, we expect support at 1.2710 and resistance at 1.2880. Traders are advised to closely monitor price movements as the pair navigates this bearish correction phase.

    GBP/USD (SPX) Price Chart – Source: Tradingview
    GBP/USD (SPX) Price Chart – Source: Tradingview

     GBP/USD - Trade Idea

    Entry Price – Buy Limit 1.27631

    Take Profit – 1.28569

    Stop Loss – 1.27165

    Risk to Reward – 1: 1.2

    Profit & Loss Per Standard Lot = +$938/ -$466

    Profit & Loss Per Micro Lot = +$93/ -$46



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