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

Daily Price Outlook

- Immediate Resistance at $1.34293; breaking this level signals potential bullish momentum.

- Immediate Support at $1.33594; a breach may target $1.32993.

- RSI at 53 reflects neutral sentiment, with a slight bias toward consolidation.

The GBP/USD pair is currently trading at $1.33989, down 0.11%, showing signs of consolidation following a modest decline in the previous session. The pair’s pivot point is set at $1.33831, indicating that a break above this level could signal renewed bullish momentum.

Immediate resistance is found at $1.34293, with further resistance levels at $1.34551 and $1.34885. A break above these levels could push the pair higher, signaling a potential short-term trend reversal.

On the downside, immediate support is seen at $1.33594, followed by key levels at $1.33310 and $1.32993. If prices fall below these levels, the GBP/USD pair could experience a deeper pullback, especially as market participants remain cautious ahead of key economic data releases.

Technical indicators show mixed sentiment. The Relative Strength Index (RSI) is currently at 53, indicating neutral momentum, though a dip below 50 would suggest increased bearish pressure. The 50-day Exponential Moving Average (EMA) is positioned at $1.33655, offering a critical support level for short-term trading.

Given the current technical setup, traders might consider entering long positions above $1.33831, with a take-profit target of $1.34280 and a stop-loss set at $1.33591.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.33831

Take Profit – 1.34280

Stop Loss – 1.33591

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$449/ -$240

Profit & Loss Per Mini Lot = +$44/ -$24