GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Immediate Resistance: $1.33299 – A break above could see the pair testing the $1.33569 resistance.
- Immediate Support: $1.32724 – Failure to hold this level may push the pair to test $1.32368 and $1.32084.
- Pivot Point: $1.32951 – Critical for determining near-term direction.
GBP/USD is currently trading at $1.32756, down 0.07% for the day, reflecting bearish sentiment amid concerns over potential interest rate decisions by the Bank of England (BoE). The pair has been under pressure since failing to sustain above the 50-day Exponential Moving Average (EMA) at $1.33647, a critical resistance that capped recent bullish attempts. The Relative Strength Index (RSI) stands at 34, indicating weak momentum, but not yet oversold, suggesting room for further declines.
On the downside, immediate support is seen at $1.32724, closely followed by $1.32368 and $1.32084. If the pair breaks below these levels, it could trigger additional selling pressure, pushing GBP/USD further down. Conversely, on the upside, the pivot point at $1.32951 will be crucial for the pair to reclaim a bullish bias. Immediate resistance is pegged at $1.33299, with subsequent resistance levels at $1.33569 and $1.33889. A sustained break above these levels would indicate renewed bullish momentum.
The 50-day EMA at $1.33647 remains a key barrier for GBP/USD. If the pair can rise above this level, it would signal a potential trend reversal. Until then, the outlook remains cautiously bearish.
The pair remains under bearish pressure, with an entry above $1.32722 offering potential profit at $1.33299. Monitor resistance at $1.33299 for signs of a bullish reversal.
GBP/USD - Trade Ideas
Entry Price – Buy Above 1.32722
Take Profit – 1.33299
Stop Loss – 1.32339
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$577/ -$383
Profit & Loss Per Mini Lot = +$57/ -$38
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