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

Daily Price Outlook

The GBP/USD pair exhibited a downward rebound subsequent to reaching the 1.2800 barrier in the preceding sessions. This movement aimed to test the established support level just above 1.2725. It is worth noting that the price is currently consolidating above this level, complemented by distinct positive signals observed in the stochastic indicator.

Consequently, we maintain the view that there are viable opportunities for the anticipated bullish sentiment to resume in the intraday context. This projection targets the 1.2825 level as the subsequent key target. It is important to highlight that a breach of the 1.2725 level would invalidate the positive scenario, potentially prompting a resumption of downward movement.

The anticipated trading range for the day is expected to be confined between the support at 1.2680 and the resistance at 1.2830.

GBP/USD - Trade Idea

Entry Price – Buy Above 1.27399

Take Profit – 1.27831

Stop Loss – 1.27018

Risk to Reward – 1: 13

Profit & Loss Per Standard Lot = +$432/ -$381

Profit & Loss Per Micro Lot = +$43/ -$38