Daily Price Outlook
- The GBP/USD pair significantly breached the 1.2625 mark, emphasizing a dominant bearish trend, with an upcoming target of 1.2505.
- Today's expected trading range spans from a support at 1.2500 to a resistance at 1.2660.
- The bearish stance, backed by the EMA50, may shift if the pair surpasses and stabilizes above the 1.2625 threshold.
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
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