Daily Trade Ideas

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

By LonghornFX Technical Analysis
Aug 29, 20231 min
Signal 2023 05 25 122627 002

Daily Price Outlook

    The GBP/USD pair has demonstrated a notable upward trajectory, now challenging the 1.2625 threshold. Its current posture above this level augments the prospects of further appreciation, laying the groundwork for an intraday bullish momentum. We anticipate a potential trajectory towards the 1.2725 region in the near future.

    For the forthcoming trading sessions: A successful breach of the 1.2660 level could expedite the bullish momentum.

    However, an inability to sustain above the 1.2625 mark might curb the anticipated rise, potentially reversing the trend to a decline.

    Today's forecasted trading band is set between a support of 1.2560 and a resistance at 1.2725.

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

    GBP/USD - Trade Idea

    Entry Price – Buy Above 1.26088

    Take Profit – 1.26741

    Stop Loss – 1.25583

    Risk to Reward – 1: 1.2

    Profit & Loss Per Standard Lot = +$653/ -$505

    Profit & Loss Per Micro Lot = +$65/ -$50

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    GBP/USD

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