Daily Price Outlook

    The GBP/USD currency pair has encountered robust support at the 1.2625 level, prompting a substantial upward rebound that led to a robust test of the pivotal resistance at 1.2725. It's worth noting that the stochastic indicator is displaying evident signs of waning positive momentum, while the EMA50 is exerting downward pressure on the price movement.

    Considering these factors, we hold the view that the conditions are conducive for a resumption of bearish trading dynamics in the forthcoming trading sessions. The initial targets in this projection involve a retest of the 1.2625 level. It is important to acknowledge that breaching the 1.2725 resistance level would invalidate the bearish scenario, potentially initiating a reversal towards higher price levels.

    The projected trading range for the current day spans from the support level of 1.2620 to the resistance level of 1.2780. The prevailing trend for today is anticipated to lean towards the bearish side.

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

    GBP/USD - Trade Idea

    Entry Price – Sell Below 1.27292

    Take Profit – 1.26658

    Stop Loss – 1.27701

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$634/ -$409

    Profit & Loss Per Micro Lot = +$63/ -$40



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