Daily Price Outlook

- GBP/USD trading at $1.27043, up 0.05%, with a key pivot point at $1.27.

- Immediate resistance levels at $1.2735, $1.2765, and $1.2792; support levels at $1.2656, $1.2628, and $1.2605.

- RSI at 64 indicates moderate bullish momentum; 50-day EMA at $1.2649 supports the trend.

GBP/USD is currently trading at $1.27043, up 0.05% on the day. The 4-hour chart highlights the pivot point at $1.27, a crucial level for determining near-term price action. Immediate resistance is seen at $1.2735, followed by $1.2765 and $1.2792.

On the downside, immediate support lies at $1.2656, with further support at $1.2628 and $1.2605.

The Relative Strength Index (RSI) is at 64, indicating a moderate bullish momentum without yet reaching overbought conditions. The 50-day Exponential Moving Average (EMA) is positioned at $1.2649, reinforcing the bullish trend.

This level acts as a dynamic support, suggesting that the current upward momentum may continue as long as the price remains above it.

Traders should monitor the pivot point at $1.27 closely. A sustained move above this level could drive GBP/USD towards the immediate resistance at $1.2735 and potentially higher towards $1.2765 and $1.2792.

Conversely, if the pair fails to hold above the pivot point, it could retrace towards the immediate support at $1.2656, and further down to $1.2628 and $1.2605.

The market sentiment appears cautiously optimistic, with the pound benefiting from broader market trends and technical indicators. The RSI value of 64 suggests there is still room for upward movement before entering overbought territory, while the 50 EMA at $1.2649 provides a strong support level.

In this scenario, the recommended strategy is to buy above $1.26821, with a take profit level at $1.27407 and a stop loss at $1.26527. This approach aligns with the current technical indicators and overall market sentiment, offering a favorable risk-reward ratio.

In conclusion, GBP/USD remains bullish as long as it stays above the $1.27 pivot point. Traders should watch key resistance levels at $1.2735, $1.2765, and $1.2792, and be cautious of potential pullbacks towards support levels if the pivot point is breached.

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

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.26821

Take Profit – 1.27407

Stop Loss – 1.26527

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$586/ -$294

Profit & Loss Per Mini Lot = +$58/ -$29



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