GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

In the currency corridors, the British Pound Sterling holds its ground against the US Dollar, with a marginal 0.02% downtick, bringing GBP/USD to 1.24953 as of November 15. Amid a turbulent economic landscape, this pair's steadfastness is noteworthy, hovering around a pivot point of $1.2401.

The currency faces immediate resistance at $1.2499, with subsequent barriers at $1.2562 and $1.2637 that could define the next leg of its journey. Support levels at $1.2300, $1.2199, and $1.2100 stand ready to underpin the Pound should it face bearish pressure.

The RSI, significantly perched at 79, waves a flag of caution for overbought conditions, suggesting a possible retracement or consolidation may be imminent. The MACD echoes a bullish sentiment, albeit subtly, with its line just above the signal line, hinting at sustained upward momentum. Meanwhile, the currency's position above the 50 EMA at $1.2292 reinforces the bullish undertone in the short term.

Chart patterns do not singularly dictate the course, yet the recent movements suggest a bullish inclination above the significant threshold of $1.2450. If the pair manages to sustain above this level, it could invite testing of higher resistances.

GBP/USD - Trade Idea 

Entry Price – Buy Above 1.24245

Take Profit – 1.25580

Stop Loss – 1.23533

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1335/ -$712

Profit & Loss Per Mini Lot = +$133/ -$71