Daily Price Outlook

- GBP/USD sees a minor gain, holding near 1.26363.

- Resistance and support levels mark critical thresholds.

- Short-term bearishness indicated by RSI and EMA trends.

The GBP/USD pair on January 3rd, 2024, shows a slight upward trend, rising by 0.05% to 1.26363. The pair's movement is defined by pivotal technical levels, with key resistance set at 1.2686, 1.2749, and 1.2826, while support lies at 1.2572, 1.2533, and 1.2500.

The Relative Strength Index (RSI) of 39 suggests a bearish sentiment, albeit not in oversold territory. Trading below its 50-Day Exponential Moving Average (EMA) of 1.2698, the pair indicates a short-term bearish trend. However, the GBP/USD is poised for a potential retracement above the $1.2610 mark, offering a buying opportunity.

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

GBP/USD - Trade Idea

Entry Price – Buy Limit 1.26123

Take Profit – 1.26681

Stop Loss – 1.25715

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$558/ -$408

Profit & Loss Per Mini Lot = +$55/ -$40



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