Daily Trade Ideas

GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Aug 3, 20231 min
Gbpusd

Daily Price Outlook

    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 Price Chart – Source: Tradingview
    GBP/USD Price Chart – Source: Tradingview

    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.

    GBP/USD

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