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

Daily Price Outlook

- GBP/USD trades at $1.28266, down 0.06%, showing bearish momentum on the 4-hour chart.

- Immediate resistance levels: $1.28885, $1.29327, $1.29865; support levels: $1.27819, $1.27566, $1.27351.

- RSI at 40, 50-day EMA at $1.28853, suggesting a buy limit at $1.28190, take profit at $1.28958, and stop loss at $1.27792.

GBP/USD is trading at $1.28266, down 0.06% on the day. The 4-hour chart reveals a bearish trend, with the pair trading below the pivot point at $1.28448. Immediate resistance is located at $1.28885, followed by $1.29327 and $1.29865.

On the downside, immediate support is seen at $1.27819, with further support levels at $1.27566 and $1.27351.

Technical indicators support the bearish sentiment. The Relative Strength Index (RSI) is at 40, indicating that the pair is approaching oversold conditions but still has room for further declines.

The 50-day Exponential Moving Average (EMA) is at $1.28853, reinforcing the bearish outlook as long as the price remains below this level.

The recommended trade setup is a buy limit at $1.28190, with a take profit target at $1.28958 and a stop loss at $1.27792. This setup provides a balanced risk-to-reward ratio, allowing for potential gains while managing downside risk effectively.

The overall technical perspective for GBP/USD remains bearish below the pivot point at $1.28448. A move above immediate resistance at $1.28885 could indicate a shift towards a bullish trend, targeting higher resistance levels.

However, failure to hold above the immediate support at $1.27819 might lead to further declines, targeting the next support levels at $1.27566 and $1.27351.

In conclusion, the technical outlook for GBP/USD suggests continued bearish momentum below $1.28448.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.28444

Take Profit – 1.27803

Stop Loss – 1.28882

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$641/ -$438

Profit & Loss Per Mini Lot = +$64/ -$43