Daily Price Outlook

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

    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

    GBP/USD

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