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

- GBP/USD ascends modestly, trading near 1.2710, signaling continued bullish momentum.

- Technical indicators, including a solid RSI and position above the 50 EMA, support further upside.

- Key resistance ahead at 1.29050, with pivot point 1.25890 now a foundational support.

The British Pound shows renewed vigor against the U.S. Dollar, maintaining a steady climb in the Forex market. As of the latest session, GBP/USD has edged up, trading around the 1.2710 mark, a modest increase that extends its recent upward trajectory. The daily chart showcases the pair's assertive break above the Fibonacci retracement level of 1.27194, hinting at potential further gains.

In the broader view, the pivot point stands at 1.25890, now serving as a solid support level after the pair's decisive breakout. Resistance levels are eyed at 1.29050, with subsequent ceilings waiting at higher Fibonacci extensions. Should the pound continue its ascent, these levels could soon come into play.

The Relative Strength Index (RSI) accentuates the bullish momentum, currently reading above the 63 mark, reflecting strong buying pressure without yet breaching into the overbought region. This suggests that there might be room for further upside before any significant retracement.

Complementing the RSI, the pair trades above the 50-day Exponential Moving Average (EMA), reinforcing the bullish stance in the short term. The EMA provides a dynamic support that could bolster buyer confidence should any pullbacks occur.

In summary, the GBP/USD pair is capturing the attention of traders with its bullish momentum, underpinned by technical indicators that favor the continuation of the upward trend. Looking forward, should the pair maintain its hold above key technical levels, the path to higher resistance zones appears clear, with a keen eye on the 1.29050 level for potential challenges.

GBP/USD - Trade Idea 

Entry Price – Sell Below 1.27239

Take Profit – 1.25892

Stop Loss – 1.28357

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$1347/ -$1118

Profit & Loss Per Mini Lot = +$134/ -$111