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

Daily Price Outlook

The GBP/USD pair has distinctly extended its downward movement, decisively surpassing our initial target of 1.2625 and settling beneath it. This move solidifies the dominance of the bearish trend both in intraday and short-term scenarios, following the evident bearish channel depicted on the chart. Our subsequent target is set at 1.2505. The projected trading boundaries for today are a support at 1.2500 and a resistance at 1.2660.

The EMA50 consistently reinforces the anticipated bearish momentum. This prediction stands as long as the pair doesn't breach the 1.2625 level and sustain above it.

Consequently, our analysis remains bearish for both the intraday and short-term, driven by the downward force exerted by the EMA50. A breach and a subsequent stabilization above 1.2625 could initiate potential recovery endeavors, with an initial aim at the 1.2625 zone.

GBP/USD - Trade Idea

Entry Price – Buy Above 1.25926

Take Profit – 1.26571

Stop Loss – 1.25543

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$645/ -$383

Profit & Loss Per Micro Lot = +$64/ -$38