Daily Price Outlook
- The GBP/USD pair marked a noticeable decline yesterday, hitting the projected 1.2400 target and remains close to this level.
- A sustained bearish trend is bolstered by the EMA50, emphasizing the necessity for the price to stay below 1.2505.
- Today's expected trading bounds are set between the 1.2320 support and 1.2480 resistance levels.
The GBP/USD pair experienced a pronounced downtrend yesterday, successfully reaching our anticipated target of 1.2400 and currently hovering around this mark. We anticipate further potential decline, with the next significant target positioned at 1.2310.
This bearish outlook remains dominant, reinforced by the EMA50 which exerts downward pressure on the price. It's imperative to note that for the bearish momentum to persist, the price should remain below 1.2505. Today's projected trading range lies between a support level of 1.2320 and a resistance level of 1.2480.
GBP/USD - Trade Idea
Entry Price – Sell Below 1.24516
Take Profit – 1.23734
Stop Loss – 1.25092
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$782/ -$576
Profit & Loss Per Micro Lot = +$78/ -$57
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