Daily Price Outlook

- GBP/USD is trading at $1.29145, with immediate support at $1.2875 and resistance at $1.2972.

- RSI at 39 suggests the pair is approaching oversold territory, potentially indicating buying interest.

- Recommended trade setup: Sell below $1.29400, take profit at $1.28800, stop loss at $1.29800.

GBP/USD is currently trading at $1.29145, reflecting a slight increase of 0.05%. The 4-hour chart shows a pivot point at $1.2939, serving as a critical threshold for market movements. Immediate resistance is pegged at $1.2972, with further resistance levels at $1.3010 and $1.3046.

On the downside, immediate support is seen at $1.2875, followed by deeper support levels at $1.2834 and $1.2782.

The technical indicators reveal a cautious market sentiment. The Relative Strength Index (RSI) is at 39, indicating that the pair is approaching oversold territory. This could signal potential buying interest if the RSI continues to decline.

The 50-day Exponential Moving Average (EMA) stands at $1.2939, slightly above the current price, suggesting a bearish short-term outlook if the price remains below this level.

Given the technical configuration, a sell strategy is recommended below the pivot point of $1.29400. The proposed take profit level is $1.28800, aligning with the immediate support zone, offering a target for potential downside movement.

A stop loss should be set at $1.29800, just above the first resistance level, to mitigate risk against unexpected upward price shifts.

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

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.29400

Take Profit – 1.28800

Stop Loss – 1.29800

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$600/ -$400

Profit & Loss Per Mini Lot = +$60/ -$40

GBP/USD

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