Daily Price Outlook
- GBP/USD hits 1.2725 target, sets sights on 1.2625.
- Double Top pattern signals potential decline to 1.2500.
- Trading range: Support at 1.2620, Resistance at 1.2790. Expected trend: Bearish.
Yesterday, the GBP/USD pair experienced a bearish trend, successfully reaching the initial target at 1.2725, and even closing below it. This development strengthens the possibility of a continued downward correctional trend, with the next significant target at 1.2625.
The formation of a Double Top pattern signals further negativity, potentially leading the price to test 1.2500. As long as the price remains below 1.2835, the bearish trend is likely to persist.
For today's trading, we expect the GBP/USD to move within the range of support at 1.2620 and resistance at 1.2790. Our analysis indicates a bearish trend for today's session.
GBP/USD - Trade Idea
Entry Price – Sell Below 1.27278
Take Profit – 1.26003
Stop Loss – 1.28268
Risk to Reward – 1: 1.29
Profit & Loss Per Standard Lot = +$1275/ -$990
Profit & Loss Per Micro Lot = +$127/ -$99
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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