Daily Price Outlook
- GBP/USD has convincingly breached the 1.2505 level, confirming a bearish trajectory as indicated by the chart's bearish channel. Upcoming targets include 1.2400 and a possible extension to 1.2310.
- Today's trading sentiment leans towards a bearish stance, reinforced by the influence of the 50-day Exponential Moving Average (EMA50). However, sustained movement above 1.2505 could shift the outlook to a more positive one, potentially prompting a recovery.
- The expected trading range for today encompasses a support level at 1.2390 and a resistance barrier at 1.2540.
The GBP/USD currency pair has decisively breached the 1.2505 mark, evidenced by its recent daily close beneath this threshold. This move aligns with the bearish trajectory outlined within the analytical chart's bearish channel. Subsequent targets are delineated at 1.2400, extending further to 1.2310.
Given this context, a bearish orientation is anticipated for today's trading session, bolstered by the negative influence exerted by the 50-day Exponential Moving Average (EMA50). However, it's crucial to note that any ascent past the 1.2505 level, if sustained, might negate the current bearish perspective, paving the way for potential recuperative actions. For today, the projected trading spectrum spans from a support boundary of 1.2390 to a resistance cap of 1.2540.
GBP/USD - Trade Idea
Entry Price – Sell Limit 1.24796
Take Profit – 1.24007
Stop Loss – 1.25411
Risk to Reward – 1: 1.2
Profit & Loss Per Standard Lot = +$789/ -$615
Profit & Loss Per Micro Lot = +$78/ -$61
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