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

Daily Price Outlook

- Buy Entry: Above $1.29351 for a target of $1.29965.

- Immediate Resistance: At $1.2978; a break could signal further gains.

- Support Levels: Watch $1.2886 and $1.2846 for potential pullbacks.

GBP/USD is currently trading at $1.29542, reflecting a modest increase of 0.07%. The pair is trading just below its pivot point of $1.2997, which is a crucial level to watch.

The Relative Strength Index (RSI) is at 78, indicating that the pair is in overbought territory, which could suggest that a short-term pullback might be on the horizon.

However, the overall trend remains bullish, supported by the 50-day Exponential Moving Average (EMA) at $1.2800.

Immediate resistance is found at $1.2978, followed by more substantial resistance levels at $1.3034 and $1.3082.

On the downside, the first level of support is at $1.2886, with further support at $1.2846 and $1.2803. If GBP/USD can break above the pivot point, it may trigger further gains towards the higher resistance levels.

For those looking to trade this pair, a buy entry above $1.29351 with a take profit target at $1.29965 could be a strategic move.

A stop loss at $1.28938 would help manage risk in case of an unexpected downturn.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.29351

Take Profit – 1.29965

Stop Loss – 1.28938

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$614/ -$413

Profit & Loss Per Mini Lot = +$61/ -$41