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

Daily Price Outlook

- Immediate resistance at $1.3101, with the next key level at $1.3127.

- RSI at 53 suggests neutral momentum, leaving room for further upside.

- 50-day EMA at $1.3120 could serve as a key level for bullish confirmation.

The GBP/USD pair is trading higher at $1.31025, marking a 0.22% gain on the day as sterling continues to benefit from positive sentiment surrounding the UK economy.

The currency pair has been trading above key support levels, reflecting cautious optimism ahead of key economic data releases later in the week.

Key technical levels reveal immediate resistance at $1.3101, with the next barrier at $1.3127. Should bullish momentum persist, the pair could push towards $1.3170, representing a significant psychological resistance level.

On the downside, immediate support is located at $1.3012, with further support at $1.2976 and $1.2941, which could trigger bearish momentum if breached.

Technical indicators are pointing to a neutral-to-bullish outlook. The Relative Strength Index (RSI) is at 53, signaling that the market is neither overbought nor oversold, leaving room for further gains.

Meanwhile, the 50-day EMA sits at $1.3120, just above current price action, indicating that a break above this moving average could confirm a more sustained upward trend.

From a strategic perspective, traders may look to buy above $1.30726, targeting the pivot point at $1.31279 for potential profits. A stop-loss at $1.30435 is advised to mitigate downside risks, particularly if the pair retraces towards its support levels.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.30726

Take Profit – 1.31279

Stop Loss – 1.30435

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$553/ -$291

Profit & Loss Per Mini Lot = +$55/ -$29