Daily Price Outlook
- The GBP/USD pair precisely hit the anticipated 1.2625 target, revealing a temporary bullish tilt before the stochastic indicator signaled a waning bullish momentum.
- Persistent downward pressure from the EMA50, combined with current indicators, suggests a looming bearish trend, with a potential decline to the 1.2505 level.
- A breach above 1.2725 and further, 1.2825, could counteract the bearish forecast, ushering in a possible bullish reversal.
The GBP/USD pair adeptly met our initial forecasted target at 1.2625, encountering robust support at this juncture. This was accompanied by a transient bullish inclination. Intriguingly, the stochastic indicator has unmistakably lost its upward drive, while the EMA50 consistently exerts downward pressure on the currency's valuation.
Given these dynamics, our prognosis leans towards a bearish trajectory for the ensuing phase. For this forecast to materialize, the pair must decisively penetrate the aforementioned 1.2625 mark, setting its sights on 1.2505 as the subsequent bearish milestone. It's crucial to underscore that any surge beyond 1.2725, and subsequently 1.2825, would negate this bearish outlook, potentially catalyzing an upward price movement.
GBP/USD - Trade Idea
Entry Price – Buy Stop 1.27289
Take Profit – 1.27931
Stop Loss – 1.26644
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$642/ -$645
Profit & Loss Per Micro Lot = +$64/ -$64
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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