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

Daily Price Outlook

- GBP/USD trades at $1.26738, RSI at 58, signaling bullish momentum.

- Immediate resistance at $1.2702, support at $1.2633.

- Buy above $1.26659, target $1.27019, with a stop loss at $1.26457.

GBP/USD is trading at $1.26738, reflecting a modest increase of 0.11% as it continues to show resilience on the 4-hour chart. The pivot point is identified at $1.2667, which serves as a crucial level for today's trading.

Immediate resistance is noted at $1.2702, with subsequent resistance levels at $1.2722 and $1.2748, providing key targets for potential bullish movement. On the downside, immediate support is situated at $1.2633, followed by deeper support levels at $1.2613 and $1.2594, marking potential floors that could prevent further declines.

The Relative Strength Index (RSI) is currently at 58, suggesting that the currency pair is approaching overbought territory but still maintains a bullish bias. The 50-day Exponential Moving Average (EMA) is closely aligned with the pivot point at $1.2666, indicating this level as pivotal for determining short-term direction.

If GBP/USD maintains its position above the pivot point, it is likely to attract further buying interest, reinforcing the bullish trend.

Traders should consider entering long positions above the pivot point of $1.26659, targeting a take profit level at $1.27019. A stop loss at $1.26457 is recommended to manage downside risk effectively.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.26659

Take Profit – 1.27019

Stop Loss – 1.26457

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$360/ -$202

Profit & Loss Per Mini Lot = +$36/ -$20