Daily Price Outlook

    The GBP/USD pair has successfully breached the resistance line of the bearish channel and established itself above it, signaling an attempt to achieve intraday gains. However, it's noteworthy that the stochastic indicator has shifted from positive momentum to a negative overlap, indicating the potential for a resumption of the corrective bearish trend. This trend is directed towards the 1.2625 region as the next key target.

    As a result, it is anticipated that the upcoming trading sessions may witness downward movement. To facilitate progress towards the aforementioned target, a breakthrough of the 1.2725 level is crucial. Conversely, surpassing the 1.2825 threshold would halt the negative projection and prompt a reversal towards higher levels.

    The projected trading range for today is expected to be positioned between the support at 1.2660 and the resistance at 1.2825.

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

    GBP/USD - Trade Idea

    Entry Price – Sell Below 0.64343

    Take Profit – 0.63331

    Stop Loss – 0.65008

    Risk to Reward – 1: 1.50

    Profit & Loss Per Standard Lot = +$1012/ -$665

    Profit & Loss Per Micro Lot = +$101/ -$66



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