Daily Price Outlook

- Watch the pivot point at $1.2529 to gauge the short-term market sentiment.

- Resistance levels at $1.2635 and above could cap upward movements.

- Support levels below the current price may offer buying opportunities on dips.

Today's technical outlook for the GBP/USD pair shows a modest downturn, as it trades down 0.14% at $1.24895. The currency pair's movement is framed by a series of pivotal technical levels that could dictate the short-term direction.

Currently, the pair's pivot point is set at $1.2529, a key level that traders might use as a benchmark for bullish or bearish bias.

The immediate resistance facing GBP/USD lies at $1.2635, with subsequent barriers at $1.2706 and $1.2793. Overcoming these levels could signal a stronger bullish sentiment, inviting more buyers into the market.

On the flip side, immediate support is established at $1.2467, with further floors at $1.2387 and $1.2301. These levels could provide critical stopping points where potential rebounds may occur if bearish pressure persists.

The Relative Strength Index (RSI) currently stands at 39, suggesting a tilt towards oversold conditions that might entice bargain hunters. The 50-day Exponential Moving Average (EMA), aligned with the pivot at $1.2529, adds an extra layer of significance to this price point, reinforcing it as a crucial threshold.

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

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.2530

Take Profit – 1.2460

Stop Loss – 1.2575

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$700/ -$450

Profit & Loss Per Mini Lot = +$70/ -$45



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