Daily Price Outlook

    The GBP/USD currency pair remains anchored around the 1.2400 mark, consistently positioning below it. The EMA50 exerts ongoing downward pressure on the price, suggesting a potential resumption of the prevailing bearish momentum, targeting the significant 1.2310 level next.

    The established bearish channel affirms the longer-term bearish trajectory, aiming for objectives below the aforementioned level. It's pivotal to note that a breach of the 1.2435 threshold would pivot the pair's direction upwards intraday, potentially reaching 1.2505 before encountering further bearish challenges.

    Today's trading parameters are projected to span from a support at 1.2300 to a resistance boundary at 1.2445.

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

    GBP/USD - Trade Idea 

    Entry Price – Sell Limit 1.23727

    Take Profit – 1.23079

    Stop Loss – 1.24257

    Risk to Reward – 1: 1.2

    Profit & Loss Per Standard Lot = +$648/ -$530

    Profit & Loss Per Micro Lot = +$64/ -$53



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