Daily Price Outlook
- The GBP/USD is retesting the 1.2505 threshold, with recent patterns suggesting upward momentum.
- A breach above 1.2505 could see the pair aiming for 1.2625, but failure might redirect towards a bearish trend targeting 1.2395.
- Today's trading window is likely to be framed between supports at 1.2430 and resistances at 1.2590, with a bullish tilt expected.
The GBP/USD pair is revisiting the 1.2505 mark. Recent higher lows observed indicate a potential ascent in the upcoming trading sessions. If the pair exceeds the aforementioned level, it is poised to approach 1.2625.
Today's outlook is inclined towards a bullish trend, bolstered by favorable indications from the stochastic oscillator. It's important to note, however, that if the pair cannot surpass the 1.2505 threshold, it might revert to its predominant bearish trajectory with an aim towards 1.2395.
We project the GBP/USD's trading spectrum for the day to span between a 1.2430 support and a 1.2590 resistance. The day's anticipated trend is bullish.
GBP/USD - Trade Idea
Entry Price – Buy Above 1.25117
Take Profit – 1.25735
Stop Loss – 1.24606
Risk to Reward – 1: 1.21
Profit & Loss Per Standard Lot = +$618/ -$511
Profit & Loss Per Micro Lot = +$61/ -$51
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.