Daily Price Outlook

    Yesterday, the GBP/USD pair exhibited a pronounced bearish behavior, reaching our extended target of 1.2255. Subsequently, it attempted a retest of the resistance at 1.2310, which it had previously breached. Notably, the stochastic indicator has displayed a diminishing bullish momentum, suggesting a potential push for the price to continue its primary bearish course with an upcoming target set at 1.2200.

    Given this context, we anticipate a continuation of the bearish trajectory for the foreseeable future, contingent on the price remaining below 1.2310. It's essential to highlight that the EMA50 continues to bolster the current bearish trend within the discernible bearish channel on the chart. Today's anticipated trading range spans from a support level at 1.2190 to a resistance level at 1.2350.

    GBP/USD - Trade Idea 

    Entry Price – Sell Limit 1.23304

    Take Profit – 1.22366

    Stop Loss – 1.23854

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$938/ -$550

    Profit & Loss Per Micro Lot = +$93/ -$55



    24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.