Daily Price Outlook
- GBP/USD underscores a continued bearish stance, anchored below the 1.2400 mark, targeting 1.2310.
- A defined bearish channel, backed by the EMA50, suggests a sustained downward motion.
- A potential breach of 1.2435 may lead to a challenge at the 1.2505 resistance, with today's trading forecasted between 1.2300 and 1.2450.
The GBP/USD pair has reaffirmed its downward trajectory, consolidating beneath the 1.2400 threshold. This strengthens the forecast for an ongoing primary bearish trend, paving the way towards our primary anticipated target of 1.2310.
The current bearish channel meticulously frames the projected downtrend, which receives consistent reinforcement from the EMA50. It's important to highlight that a breach of 1.2435 could propel the price towards challenging the crucial resistance at 1.2505 before embarking on another bearish maneuver. Today's anticipated trading parameters are set between a support of 1.2300 and resistance at 1.2450.
GBP/USD - Trade Idea
Entry Price – Buy Limit 1.23798
Take Profit – 1.24463
Stop Loss – 1.23398
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$665/ -$400
Profit & Loss Per Micro Lot = +$66/ -$40
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.