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

Daily Price Outlook

- Immediate resistance at $1.3227, with support at $1.3113, marks key levels to watch.

- RSI at 57 signals mildly bullish momentum with further upside potential.

- 50-day EMA at $1.3125 supports the current short-term uptrend, favoring a bullish bias.

GBP/USD is currently trading at $1.31912, up 0.24%, showing signs of steady momentum. The pair is inching closer to its key pivot point at $1.3226, which marks an important inflection level.

Immediate resistance is just above at $1.3227, followed by additional resistance levels at $1.3265 and $1.3306. On the downside, support levels are found at $1.3113, with further support at $1.3060 and $1.3003.

The RSI stands at 57, indicating mildly bullish sentiment, with room for further gains if the upward momentum continues.

The price is currently hovering above the 50-day EMA, which is positioned at $1.3125, suggesting that the short-term trend is supported by technical factors.

As long as the pair maintains levels above the $1.3125 EMA, a bullish continuation could unfold, potentially breaking above the $1.3227 resistance.

Traders are keeping an eye on macroeconomic events, including the upcoming Bank of England meeting, which could create additional volatility. For now, the pair shows a potential buying opportunity above $1.31706, with a take profit at $1.32259 and a stop-loss at $1.31415.

Should the price break below the $1.3113 support level, it could signal a shift towards a more bearish outlook.

Overall, the pair is poised between critical support and resistance levels, making the $1.3226 pivot a key determinant for the next market move.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.31706

Take Profit – 1.32259

Stop Loss – 1.31415

Risk to Reward – 1: 1.9

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

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