Daily Price Outlook

- GBP/USD exhibits a minor decline to 1.27202, hovering above the pivot point at 1.2523 with immediate resistance seen at 1.2657.

- RSI at 58 and a slight positive MACD suggest moderate bullish sentiment; 50 EMA at 1.2710 reinforces this outlook.

- Overall trend remains bullish above 1.2710; the pair is expected to test higher resistance levels in the short term.

The GBP/USD pair on December 20 is illustrating the intricate dance between the British pound and the US dollar in the forex market. Currently, it stands at 1.27202, experiencing a slight decrease of 0.09%. This movement places the pair slightly above a significant pivot point at 1.2523. The pair faces immediate resistance at 1.2657, with subsequent levels at 1.2820 and 1.2954. On the flip side, support is found at 1.2359, followed by 1.2225 and 1.2086.

In the realm of technical indicators, the Relative Strength Index (RSI) is positioned at 58, indicating a moderately bullish sentiment, yet far from the overbought threshold. The Moving Average Convergence Divergence (MACD) shows a subtle positive value of 0.000080 against a signal of 0.002090, suggesting a potential for upward momentum, although the movement is not pronounced.

The 50-Day Exponential Moving Average (EMA) at 1.2710 is a crucial indicator, as the current price hovers around this mark. This positioning hints at a short-term bullish trend. From a chart pattern perspective, the GBP/USD pair appears to be maintaining a bullish stance above the 1.2710 level.

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

GBP/USD - Trade Idea 

Entry Price – Buy Limit 1.26820

Take Profit – 1.27864

Stop Loss – 1.26053

Risk to Reward – 1: 1.36

Profit & Loss Per Standard Lot = +$1044/ -$767

Profit & Loss Per Mini Lot = +$104/ -$76



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