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

Daily Price Outlook

- GBP/USD faces immediate resistance at $1.3209, with RSI nearing overbought levels, signaling caution.

- Immediate support is found at $1.3102, with the 50-day EMA at $1.3094 acting as critical support.

- As long as GBP/USD stays above the pivot point at $1.3158, the bullish outlook remains intact, targeting $1.3209 and above.

GBP/USD is trading at $1.31716, up 0.24%, maintaining a bullish tone as it approaches key resistance levels. Immediate resistance is found at $1.3209, followed by $1.3238 and $1.3260.

The bullish sentiment remains intact as the price stays above the pivot point of $1.3158, signaling potential for further gains.

However, the Relative Strength Index (RSI) is currently at 67, approaching overbought territory, suggesting a possible near-term pullback.

On the downside, immediate support lies at $1.3102, followed by $1.3077 and $1.3051. The 50-day EMA at $1.3094 is providing crucial support, reinforcing the broader bullish momentum. A break below this level could indicate a reversal, but as long as the price holds above $1.3158, traders may remain optimistic about further gains.

The overall outlook for GBP/USD stays positive, with buyers looking for an entry point above $1.31585. Targeting take-profit levels near $1.32059, traders may expect the pair to test higher resistance levels. However, with the RSI nearing overbought conditions, caution is warranted as profit-taking could emerge, potentially sending the pair back to test support levels.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.31585

Take Profit – 1.32059

Stop Loss – 1.31245

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$474/ -$340

Profit & Loss Per Mini Lot = +$47/ -$34