Daily Price Outlook

- GBP/USD tests key pivot at 1.25208; potential resistance up to 1.28964.

- Support established at 1.23731, with further downside protection at 1.23060 and 1.21924.

- Current trading strategy suggests buying above 1.24606, targeting 1.25500, stop loss at 1.24165.

On April 15, the GBP/USD pair recorded a modest rise, closing the session up 0.14% at 1.24632. The pair is currently navigating the forex market waters with a cautious optimism, positioned just below a crucial pivot point at 1.25208. Should the pair breach this pivot, it could encounter resistance levels at 1.26795, 1.27828, and 1.28964. These levels represent significant thresholds that could impede upward movement, but also signal potential entry points for bullish traders.

On the downside, immediate support lies at 1.23731. Further dips could be cushioned by support at 1.23060 and more critically at 1.21924. These supports are crucial in preventing a steeper decline and offer strategic points for stop-loss settings in trading scenarios.

The technical indicators suggest a nuanced outlook: while the Relative Strength Index (RSI) details were not provided, the positioning of the 50-day Exponential Moving Average (EMA) at 1.26381 slightly above the current price hints at underlying bearish pressures. However, if the GBP/USD can sustain above its current levels, particularly if it stays above the strategically set entry price of 1.24606, the forecast is inclined towards a bullish bias. Traders might consider a buying strategy with a target at 1.25500 and a stop loss at 1.24165 to manage risk.

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

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.24606

Take Profit – 1.25500

Stop Loss – 1.24165

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$894/ -$441

Profit & Loss Per Mini Lot = +$89/ -$44



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