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

Daily Price Outlook

- GBP/USD faces resistance at $1.2956, with bearish momentum below the 50 EMA.

- Key support levels are $1.2932 and $1.2921, with potential declines if breached.

- RSI indicates weakening buying strength, suggesting a possible continuation of the downtrend.

GBP/USD has resumed a downward trajectory after hitting a resistance level at $1.2975, with further declines pushing it towards the $1.2932 level. The British pound is currently trading below the 50-day Exponential Moving Average (EMA) at $1.2965, signaling bearish momentum.

A break below the $1.2950 pivot point indicates potential for further downside movement, particularly as the Relative Strength Index (RSI) stands at 36, showing weakened buying interest and potential oversold conditions in the near term.

Immediate resistance is at $1.2956, with the next levels at $1.2975 and $1.3012. On the downside, immediate support lies at $1.2932, followed by $1.2921 and $1.2886. With the RSI failing to hold above 40 and the price remaining under the 50 EMA, bearish sentiment could persist, provided there is no significant reversal above the $1.2956 level.

If GBP/USD breaks below the $1.2921 support level, it could extend losses toward the next key support at $1.2886, reflecting potential downside momentum in line with current market sentiment.

Conclusion: GBP/USD is poised for further declines, with key support at $1.2921 and immediate resistance at $1.2956. Sustained trading below the pivot point at $1.2950 reinforces the bearish outlook, while a break below $1.2921 could signal continued downside.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.29566

Take Profit – 1.29210

Stop Loss – 1.29872

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$356/ -$306

Profit & Loss Per Mini Lot = +$35/ -$30