GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- GBP/USD trades at $1.27798, up 0.01%, with key resistance at $1.2819.

- RSI at 55 indicates moderate bullish momentum; 50-Day EMA at $1.2748 supports the pair.

- Buy above $1.27605, target $1.28177, and stop loss at $1.27226 to manage risk.

The GBP/USD pair is currently trading at $1.27798, up 0.01% on the four-hour chart. The currency pair is experiencing a minor uptick amid a generally cautious market environment. Key price levels to watch include a pivot point at $1.2818.

Immediate resistance is located at $1.2819, with further resistance levels at $1.2855 and $1.2893. On the downside, immediate support is observed at $1.2705, followed by supports at $1.2675 and $1.2644.

Technical indicators provide a moderately bullish outlook. The Relative Strength Index (RSI) is currently at 55, indicating that the pair is in neutral territory with a slight bias towards buying pressure.

The 50-Day Exponential Moving Average (EMA) is positioned at $1.2748, suggesting that the pair remains supported above this level.

In the current market scenario, the recommended entry price for a buy position is above $1.27605. Traders should set a take profit target at $1.28177, aligning closely with the pivot point, and place a stop loss at $1.27226 to manage potential downside risks.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.27605

Take Profit – 1.28177

Stop Loss  – 1.27226

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$572/ -$379

Profit & Loss Per Mini Lot = +$57/ -$37