Daily Trade Ideas

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

By LonghornFX Technical Analysis
Aug 10, 20231 min
Gbpusd

Daily Price Outlook

    The GBP/USD pair successfully breached the 1.2725 level and concluded the daily candlestick below it. This development reinforces the anticipation of a sustained bearish trend in the forthcoming trading sessions, thereby paving the way for a potential move towards 1.2825 as the next downside target.

    The influence of the EMA50 indicator continues to align with the projected bearish wave. It's noteworthy that surpassing the 1.2725 level would alleviate the present downward pressure, initiating potential recovery attempts aimed at reaching the 1.2825 regions initially.

    For today's trading outlook, the projected range is set between the support level of 1.2625 and the resistance level of 1.2790.

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

    GBP/USD - Trade Idea

    Entry Price – Buy Stop 1.28112

    Take Profit – 1.29034

    Stop Loss – 1.26950

    Risk to Reward – 1: 0.80

    Profit & Loss Per Standard Lot = +$922/ -$1162

    Profit & Loss Per Micro Lot = +$92/ -$116

    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

    JOIN LONGHORNFX TODAY

    24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.

    OPEN A NEW ACCOUNT