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

Daily Price Outlook

- GBP/USD is trading at $1.2992 with a bullish outlook above $1.3019.

- Immediate resistance levels are $1.3019, $1.3058, and $1.3095.

- Immediate support levels are $1.2932, $1.2898, and $1.2858.

GBP/USD is currently trading at $1.2992, displaying a slight upward bias. The 4-hour chart highlights significant price levels that traders should monitor closely. The pivot point is set at $1.3019, serving as a critical level for potential trend direction.

Immediate resistance is identified at $1.3019, followed by $1.3058 and $1.3095. These resistance levels represent potential targets if the price breaks above the pivot point, indicating a continuation of the bullish trend.

On the downside, immediate support is observed at $1.2932, with subsequent support levels at $1.2898 and $1.2858. These levels are crucial for maintaining the current trend and could act as buffers against any sharp declines.

The Relative Strength Index (RSI) is at 69, indicating that the market is nearing overbought territory but still showing signs of strong buying interest.

The 50-day Exponential Moving Average (EMA) is positioned at $1.2883, which aligns with the immediate support level, providing additional strength to the current price trend. This EMA acts as a significant indicator of the underlying trend and helps identify potential reversal points.

In conclusion, the outlook for GBP/USD remains bullish above the pivot point of $1.3019. Traders are advised to buy above $1.29678, with an entry price at this level, aiming for a take profit at $1.30193 and setting a stop loss at $1.29416.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.29678

Take Profit – 1.30193

Stop Loss – 1.29416

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$515/ -$262

Profit & Loss Per Mini Lot = +$51/ -$26