Daily Price Outlook

- GBP/USD is trading at $1.26679, down 0.14%, indicating continued bearish pressure.

- The pivot point at $1.2649 is critical for determining further market direction.

- RSI at 43 and 50-day EMA at $1.2670 highlight a bearish sentiment and resistance.

The GBP/USD pair is currently trading at $1.26679, reflecting a decline of 0.14%. The 4-hour chart reveals a pivot point at $1.2649, which is a critical level for determining the market's direction. Immediate resistance levels are identified at $1.2690, $1.2715, and $1.2740.

Conversely, immediate support is found at $1.2622, followed by $1.2604 and $1.2584.

The Relative Strength Index (RSI) stands at 43, indicating a neutral market sentiment with a slight lean towards bearishness.

Additionally, the 50-day Exponential Moving Average (EMA) is positioned at $1.2670, acting as a significant resistance level close to the current price, reinforcing the bearish outlook.

The technical indicators suggest that GBP/USD remains under pressure, with the bearish trend prevailing below the pivot point of $1.2649. A break below this level could lead to further declines towards the immediate support at $1.2622, and potentially lower towards $1.2604 and $1.2584.

Conversely, if the pair manages to break above the immediate resistance at $1.2690, it could signal a shift towards a bullish trend, targeting higher resistance levels at $1.2715 and $1.2740.

For traders, the recommended strategy is to sell at a limit price of $1.26891, aiming for a take profit at $1.26492, with a stop loss set at $1.27148. This approach capitalizes on the current bearish sentiment while ensuring risk management through a well-placed stop loss.

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

GBP/USD - Trade Ideas

Entry Price – Sell Limit 1.26891

Take Profit – 1.26492

Stop Loss – 1.27148

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$399/ -$257

Profit & Loss Per Mini Lot = +$39/ -$25



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