Daily Price Outlook

    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 Price Chart – Source: Tradingview
    GBP/USD Price Chart – Source: Tradingview

    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

    GBP/USD

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