Daily Trade Ideas

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

By LonghornFX Technical Analysis
Apr 17, 2024
Gbpusd

Daily Price Outlook

- GBP/USD sees an uptick to 1.24394, hinting at cautious market optimism amidst mixed economic signals.

- Resistance observed at 1.2470, with potential upward moves eyeing 1.2512 and 1.2568.

- Recommended strategy: Buy above 1.24198, with targets at 1.25114 and stop loss at 1.23728.

On April 17, the GBP/USD pair experienced a slight increase, closing at 1.24394, up by 0.10%. This modest gain suggests a tentative optimism among traders as they navigate a mix of economic signals from both the UK and the US. Currently, the pair is trading below the pivotal level of 1.2511, which acts as a key juncture for future price movements.

Immediate resistance is established at 1.2470, with subsequent levels at 1.2512 and 1.2568. A breach of these resistance points could signal a strengthening of the bullish momentum. On the downside, the pair finds initial support at 1.2375. Further declines could see the GBP/USD testing support at 1.2332 and 1.2295, potentially reinforcing a bearish trend if these levels are penetrated.

The Relative Strength Index (RSI) at 37 suggests that the currency pair is nearing oversold territory, indicating potential for an upward correction if bullish triggers are present in the market. The 50-day Exponential Moving Average (EMA) at 1.2552 also supports this view, as it lies just above the current price level, hinting at underlying buying pressure.

Given the technical setup, a prudent trading strategy would be to initiate a buy position if the GBP/USD moves above 1.24198, targeting a profit at 1.25114, while setting a stop loss at 1.23728 to manage potential downside risks.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.24198

Take Profit – 1.25114

Stop Loss – 1.23728

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$916/ -$470

Profit & Loss Per Mini Lot = +$91/ -$47

GBP/USD

Technical Analysis

GBP/USD Price Analysis – April 17, 2024

By LonghornFX Technical Analysis
Apr 17, 2024
Gbpusd

Daily Price Outlook

Despite the bullish US dollar, the GBP/USD currency pair has managed to stop its downward trend and has been showing a bullish trend, reaching around the $1.2430 level. However, the reason for its upward movement is the positive performance of the UK Consumer Price Index (CPI). In March, the CPI rose by 3.2%, exceeding market expectations of 3.1%. This upbeat economic indicator has bolstered confidence in the British economy, leading to increased demand for the Pound Sterling (GBP) and pushing the pair higher.

In contrast to this, the stronger US dollar and the Federal Reserve's hawkish stance on rate cuts were seen as one of the key factors that kept the lid on any additional gains in the GBP/USD pair.

Positive UK CPI Data Supports GBP/USD Pair Amid Economic Confidence

On the data front, the United Kingdom's Consumer Price Index (CPI) rose by 3.2% year-over-year in March, slightly slower than the 3.4% increase in February but beating expectations of a 3.1% rise. The Core CPI, which excludes volatile items like food and energy, grew by 4.2% annually, lower than February's 4.5% but above the anticipated 4.1%. March's Services CPI increased by 6.0% compared to the previous year, slightly down from February's 6.1% growth. Month-on-month, UK inflation stayed steady at 0.6% in March, matching February's rate. T

Therefore, the positive UK CPI data, despite a slight slowdown in growth, supported the GBP/USD pair, pushing it towards the $1.2450 level due to increased confidence in the British economy.

GBP/USD Pair Faces Downward Pressure from Hawkish Fed Comments and Strong US Retail Sales

On the other side of the pair, the broad-based US Dollar has seen upside momentum due to comments from Federal Reserve (Fed) Chair Jerome Powell. Powell's hawkish stance on monetary policy, emphasizing the need for a longer period of restrictive measures, has strengthened the US dollar. In addition to this, positive US Retail Sales data has further boosted confidence in the American economy, exerting pressure on the GBP/USD pair.

On the data front, US Building Permits dropped to 1.458 million in March, below the expected 1.514 million, while Housing Starts fell to 1.321 million, missing the anticipated 1.480 million. However, US Retail Sales rose by 0.7% in March, surpassing expectations of 0.3% and revised upwards from 0.6% in February.

Therefore, the GBP/USD pair faced downward pressure from Jerome Powell's hawkish comments and positive US Retail Sales data, strengthening the US dollar against the British pound.

Bank of England Rate Cut Expectations Impact GBP/USD Pair

On the UK front, Investors have been pricing in the possibility of two rate cuts by the Bank of England (BoE) within this year, with expectations of the first cut potentially in August or September. This anticipation has created uncertainty in the forex market, leading to some selling pressure on the Pound (GBP) and impacting the GBP/USD pair's performance.

Therefore, the expectations of rate cuts by the Bank of England have introduced uncertainty, creating selling pressure on the Pound (GBP) and influencing the performance of the GBP/USD pair.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Technical Analysis

On April 17, the GBP/USD pair experienced a slight increase, closing at 1.24394, up by 0.10%. This modest gain suggests a tentative optimism among traders as they navigate a mix of economic signals from both the UK and the US. Currently, the pair is trading below the pivotal level of 1.2511, which acts as a key juncture for future price movements.

Immediate resistance is established at 1.2470, with subsequent levels at 1.2512 and 1.2568. A breach of these resistance points could signal a strengthening of the bullish momentum. On the downside, the pair finds initial support at 1.2375. Further declines could see the GBP/USD testing support at 1.2332 and 1.2295, potentially reinforcing a bearish trend if these levels are penetrated.

The Relative Strength Index (RSI) at 37 suggests that the currency pair is nearing oversold territory, indicating potential for an upward correction if bullish triggers are present in the market. The 50-day Exponential Moving Average (EMA) at 1.2552 also supports this view, as it lies just above the current price level, hinting at underlying buying pressure.

Given the technical setup, a prudent trading strategy would be to initiate a buy position if the GBP/USD moves above 1.24198, targeting a profit at 1.25114, while setting a stop loss at 1.23728 to manage potential downside risks.

Related News

GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Apr 15, 2024
Gbpusd

Daily Price Outlook

- GBP/USD tests key pivot at 1.25208; potential resistance up to 1.28964.

- Support established at 1.23731, with further downside protection at 1.23060 and 1.21924.

- Current trading strategy suggests buying above 1.24606, targeting 1.25500, stop loss at 1.24165.

On April 15, the GBP/USD pair recorded a modest rise, closing the session up 0.14% at 1.24632. The pair is currently navigating the forex market waters with a cautious optimism, positioned just below a crucial pivot point at 1.25208. Should the pair breach this pivot, it could encounter resistance levels at 1.26795, 1.27828, and 1.28964. These levels represent significant thresholds that could impede upward movement, but also signal potential entry points for bullish traders.

On the downside, immediate support lies at 1.23731. Further dips could be cushioned by support at 1.23060 and more critically at 1.21924. These supports are crucial in preventing a steeper decline and offer strategic points for stop-loss settings in trading scenarios.

The technical indicators suggest a nuanced outlook: while the Relative Strength Index (RSI) details were not provided, the positioning of the 50-day Exponential Moving Average (EMA) at 1.26381 slightly above the current price hints at underlying bearish pressures. However, if the GBP/USD can sustain above its current levels, particularly if it stays above the strategically set entry price of 1.24606, the forecast is inclined towards a bullish bias. Traders might consider a buying strategy with a target at 1.25500 and a stop loss at 1.24165 to manage risk.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.24606

Take Profit – 1.25500

Stop Loss – 1.24165

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$894/ -$441

Profit & Loss Per Mini Lot = +$89/ -$44

GBP/USD

Technical Analysis

GBP/USD Price Analysis – April 15, 2024

By LonghornFX Technical Analysis
Apr 15, 2024
Gbpusd

Daily Price Outlook

Despite the expectations of the Fed delaying rate cuts and forecasts for interest rate cuts by the Bank of England (BoE), the GBP/USD currency pair managed to stop its downward rally and turned bullish around the $1.2470 level. However, the statement by BoE policymaker Megan Greene indicating that rate cuts in the UK are unlikely due to concerns about inflation, combined with the upcoming speech by BoE's Deputy Governor Sarah Breeden at an influential summit, could instill confidence in the GBP currency.

Impact of Strong US Dollar and Geopolitical Tensions on GBP/USD Dynamics

On the US front, the broad-based US dollar is gaining positive traction and holding steady around 106.00, supported by high yields on US Treasury bonds, with 2-year and 10-year yields at 4.91% and 4.55%, respectively. It should be noted that the Federal Reserve is reconsidering its plans for monetary easing due to ongoing inflation and strong economic indicators, increasing the probability of no interest rate changes at the June meeting to 63.5%.

This shift is further backed by Federal Reserve Bank of Kansas President Lorie Logan's upcoming panel discussion at the BoJ-IMF conference and awaited US Retail Sales figures.

Another factor that has been boosting the US dollar was the recent geopolitical tensions, like the Iranian strike on Israel, which have also lifted the dollar to over five-month highs. Therefore, the strong US dollar, supported by high Treasury yields and a potential pause in Fed rate changes, alongside geopolitical tensions like the Iranian strike on Israel, has lifted the dollar, impacting GBP/USD.

Bank of England's Monetary Policy and Rate Cut Expectations

On the UK front, expectations for interest rate cuts by the Bank of England (BoE) have shifted, now anticipating a decline to around 4.75% by the end of 2024, a change from the earlier forecast of 4.5%. BoE policymaker Megan Greene highlighted that rate cuts in the UK are not imminent due to concerns about persistent inflation, contrasting with the US.

Traders are closely watching BoE's Deputy Governor Sarah Breeden's speech at the Innovate Finance Global Summit 2024 for insights. This cautious stance on rate cuts in the UK contrasts with the US's more uncertain monetary policy direction.

Therefore, the anticipation of a slower interest rate decrease by the Bank of England (BoE) to around 4.75% by 2024, coupled with concerns about persistent inflation delaying rate cuts, contrasts with the US's monetary policy. These factors can influence the GBP/USD currency pair.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Technical Analysis

On April 15, the GBP/USD pair recorded a modest rise, closing the session up 0.14% at 1.24632. The pair is currently navigating the forex market waters with a cautious optimism, positioned just below a crucial pivot point at 1.25208. Should the pair breach this pivot, it could encounter resistance levels at 1.26795, 1.27828, and 1.28964. These levels represent significant thresholds that could impede upward movement, but also signal potential entry points for bullish traders.

On the downside, immediate support lies at 1.23731. Further dips could be cushioned by support at 1.23060 and more critically at 1.21924. These supports are crucial in preventing a steeper decline and offer strategic points for stop-loss settings in trading scenarios.

The technical indicators suggest a nuanced outlook: while the Relative Strength Index (RSI) details were not provided, the positioning of the 50-day Exponential Moving Average (EMA) at 1.26381 slightly above the current price hints at underlying bearish pressures. However, if the GBP/USD can sustain above its current levels, particularly if it stays above the strategically set entry price of 1.24606, the forecast is inclined towards a bullish bias. Traders might consider a buying strategy with a target at 1.25500 and a stop loss at 1.24165 to manage risk.

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GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Apr 11, 2024
Gbpusd

Daily Price Outlook

- GBP/USD's slight uptick today prompts a watchful trading strategy around key technical levels.

- RSI at 32 suggests a possible forthcoming correction, providing a tactical entry point.

- Selling at 1.25639 with a modest profit target and tight stop loss encapsulates a risk-averse stance amidst current market dynamics.

The GBP/USD pair exhibits marginal growth today, trading at 1.26592, marking a 0.03% increase. The technical landscape is structured around the pivot point at 1.2520, which plays a pivotal role in determining the near-term market direction.

Immediate resistance for the pair is found at 1.2563, with subsequent barriers at 1.2592 and 1.2636. These levels represent key thresholds that could cap upside movements. On the downside, support is established at 1.2478, followed by 1.2446 and 1.2404, which could serve as potential floors for price retracements.

The Relative Strength Index (RSI) stands at 32, indicating that the GBP/USD might be in oversold territory, which could lead to a price correction or consolidation phase. However, the exact 50-day Exponential Moving Average (EMA) figure is unspecified, but it generally provides insight into the medium-term trend and acts as a dynamic support or resistance level.

Based on the current technical setup, a cautious approach would be to set a sell limit order at 1.25639, anticipating a potential retracement from resistance levels. The take profit could be strategically placed at 1.25049, near the pivot point, to secure gains from the expected downward move. Conversely, a stop loss at 1.25924 would mitigate risk, safeguarding against an unforeseen bullish breakout.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Trade Ideas

Entry Price – Sell Limit 1.25639

Take Profit – 1.25049

Stop Loss – 1.25924

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$590/ -$285

Profit & Loss Per Mini Lot = +$59/ -$28

GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Apr 10, 2024
Gbpusd

Daily Price Outlook

- GBP/USD trades slightly up at $1.26826, pivot point crucial at $1.2655 for trend direction. -

- Resistance and support levels clearly defined; RSI near overbought signals caution.

-Entry strategy outlined with defined take profit and stop loss for risk management.

In the latest market analysis, the GBP/USD exhibits subtle buoyancy, navigating through a web of technical signals. The currency pair, trading modestly higher at $1.26826, captures the attention of traders operating within a critical technical framework. A close eye is kept on the pivot point set at $1.2655, delineating a tentative boundary between bearish retreat and bullish advance.

Immediate resistance is spotted at $1.26826, while a successive climb could challenge resistance at $1.27474. On the contrary, support lingers at $1.26208, offering a potential safety net against downturns. These thresholds, marked by recent market activity, are pivotal in shaping forthcoming sessions.

Technical indicators further embroider the narrative, with the 50-day EMA at $1.2642 aligning closely with current trading levels, reinforcing the established trend line. RSI readings linger at 57.41, flirting with overbought territory but without decisively crossing, suggesting an ongoing contest between buying pressure and potential profit-taking pauses.

Investors considering entry may find opportunities above the affirmed pivot point of $1.2655, eyeing a take profit level that anticipates a bullish climb to $1.27474. Conversely, the stop loss is strategically placed at $1.26208, mitigating risks against unforeseen dips and market volatility.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Trade Ideas

Entry Price –  Buy Above 1.26826

Take Profit –1.27474

Stop Loss – 1.26208

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$648/ -$618

Profit & Loss Per Mini Lot = +$64/ -$61

GBP/USD

Technical Analysis

GBP/USD Price Analysis – April 08, 2024

By LonghornFX Technical Analysis
Apr 8, 2024
Gbpusd

Daily Price Outlook

The GBP/USD currency pair has been experiencing a bearish trend and remained well offered around the 1.2616 level. This downward movement can be attributed to several factors, including heightened expectations for a rate cut by the Bank of England (BoE). Investors are increasingly anticipating that the BoE will begin reducing interest rates, possibly as early as its June meeting, due to signs of easing inflation pressures in the UK economy. Meanwhile, recent data releases from the UK indicate signs of a slowdown in the job market, which also kept the GBP/USD pair down. Furthermore, diminished speculation for Fed rate cuts underpinned the US dollar and contributed to the GBP/USD pair's losses.

Firm BoE Rate Cut Expectations and Impact on GBP/USD Pair:

On the UK front, the expectation of a firm rate cut by the Bank of England has put downward pressure on the British Pound against the US Dollar. Recent data indicating a cooling of inflation pressures in the UK has reinforced these expectations. If the BoE moves to lower interest rates, it could further weaken the Pound as investors adjust their positions in anticipation of looser monetary policy. This could lead to continued bearish trend in the GBP/USD pair as market participants price in the probability of lower interest rates in the UK.

On the data front, recent releases from the United Kingdom, such as reports from the UK’s Recruitment and Employment Confederation and the official Average Earnings Excluding Bonuses, have impacted the GBP/USD pair. These reports indicate slower growth in starting salaries for permanent staff and reduced spending on temporary workers, signaling a slowdown in the UK job market.

Diminished Speculation for Fed Rate Cuts and Support to the US Dollar:

On the other hand, the lower speculation for the Federal Reserve to rate cuts in June has provided support to the US Dollar. Despite previous expectations of rate reductions, recent strong economic data, especially in the labor market, has raised doubts about the necessity for immediate monetary easing. The impressive US employment report, indicating robust labor demand and surpassing payroll figures, has lessened anticipations of Fed rate cuts. Consequently, this has bolstered the US Dollar, leading to a downward trend in the GBP/USD pair as the Dollar gains strength against the Pound.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Technical Analysis

The British pound (GBP/USD) exhibited slight bearish movement, trading at 1.26317, a marginal decrease of 0.06%. The currency pair is currently hovering around a pivot point of 1.2621, indicating a delicate balance in market sentiment.

The Relative Strength Index (RSI) at 53, coupled with the 50-day Exponential Moving Average (EMA) closely aligning with the current price at 1.2630, suggests a neutral to slightly bullish outlook. These indicators imply that the GBP/USD pair could witness a buying trend, particularly if it sustains above the EMA level.

In conclusion, the GBP/USD appears to be in a phase of consolidation, with potential for upward movement if it breaches the key resistance levels.

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GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Apr 8, 2024
Gbpusd

Daily Price Outlook

- GBP/USD shows subtle decline; eyes set on resistance at 1.2702 for bullish shift.

- Technical indicators hint at neutral to bullish sentiment; 50 EMA and RSI in focus.

- Consolidation phase in play; key levels to watch for GBP/USD trajectory.

The British pound (GBP/USD) exhibited slight bearish movement, trading at 1.26317, a marginal decrease of 0.06%. The currency pair is currently hovering around a pivot point of 1.2621, indicating a delicate balance in market sentiment.

Technical analysis shows immediate resistance at 1.2702, with subsequent barriers at 1.2765 and 1.2847. On the flip side, support levels are established at 1.2556, followed by 1.2476 and 1.2413, delineating critical zones where buying interest could intensify.

The Relative Strength Index (RSI) at 53, coupled with the 50-day Exponential Moving Average (EMA) closely aligning with the current price at 1.2630, suggests a neutral to slightly bullish outlook. These indicators imply that the GBP/USD pair could witness a buying trend, particularly if it sustains above the EMA level.

In conclusion, the GBP/USD appears to be in a phase of consolidation, with potential for upward movement if it breaches the key resistance levels.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.25841

Take Profit – 1.26827

Stop Loss – 1.25395

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$986/ -$446

Profit & Loss Per Mini Lot = +$98/ -$44

GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Apr 3, 2024
Gbpusd

Daily Price Outlook

- GBP/USD showed slight upward movement, with critical focus on the pivot at 1.25840 and resistance near 1.2585.

- The technical setup suggests neutrality but leans towards bearish with potential downward pressure.

- Recommended trading strategy involves a cautious sell below 1.25849, with defined profit and loss thresholds.

On April 3, the GBP/USD pair saw a marginal gain, inching up by 0.01% to close at 1.25732. The day's trading revolved around the pivot point of 1.25840, with immediate resistance noted at 1.26432. Further resistance points are observed at 1.26744 and 1.27017, marking the upper thresholds the pair might encounter. On the downside, the initial support aligns at 1.25409, extending to 1.24779, setting the stage for potential fallbacks.

The currency pair's technical indicators reveal a mixed sentiment. The Relative Strength Index (RSI) at 47 leans towards a neutral stance, neither distinctly bullish nor bearish. The 50-day Exponential Moving Average (EMA) is positioned at 1.25966, hovering slightly above the current market price, suggesting a cautious outlook. Notably, a downward trendline presents resistance around the $1.2585 level, indicating a technical barrier.

Market behavior, particularly the formation of Doji candlesticks beneath this trendline, may signal an impending bearish trend. Therefore, a strategic entry point for traders could be selling below 1.25849, targeting a take-profit at 1.25044 while maintaining a stop-loss at 1.26256 to mitigate risk and capitalize on the anticipated downward momentum.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.25849

Take Profit – 1.25044

Stop Loss – 1.26256

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$805/ -$407

Profit & Loss Per Mini Lot = +$80/ -$40

GBP/USD

Technical Analysis

GBP/USD Price Analysis – April 03, 2024

By LonghornFX Technical Analysis
Apr 3, 2024
Gbpusd

Daily Price Outlook

The GBP/USD currency pair has been unable to break its downward trend, remaining around the 1.2565 level despite the bearish US dollar. This downward movement can be attributed to the dovish monetary policy stance of the Bank of England (BoE). Traders are increasingly betting that the BoE will cut interest rates, leading to downward pressure on the GBP.

Conversely, statements from Fed officials suggesting potential rate cuts and the decreased likelihood of a rate cut by June, as seen in the CME FedWatch Tool, have initially bolstered the US dollar. However, this positive impact was short-lived as the dollar's gains lost momentum. Despite the dollar's weakened state, the GBP/USD pair continues to show a bearish performance.

Impact of BoE's Monetary Policy Outlook on GBP/USD Pair

On the UK front, traders are increasingly betting that the Bank of England (BoE) will cut interest rates before the US Federal Reserve (Fed) does this year. This sentiment is putting downward pressure on the Pound Sterling (GBP). In the meantime, concerns about easing UK inflation and a generally downbeat market sentiment are further weighing on the GBP.

Therefore, the anticipation of a rate cut by the Bank of England, coupled with concerns about UK inflation and market sentiment, is likely to keep the GBP/USD pair under downward pressure, limiting its upward potential.

Impact of Fed's Monetary Policy Outlook on USD and GBP/USD Pair

On the US front, Fed officials discussed the monetary policy outlook recently. Cleveland Fed Bank President Loretta Mester expects interest rate cuts this year but not in May's policy meeting. Meanwhile, San Francisco Fed Bank President Mary Daly also foresees rate cuts but wants more proof of inflation cooling. She considers three rate cuts this year. Currently, investors see a 65% chance of a rate cut by June, down from 70% after March's meeting, according to the CME FedWatch Tool.

Therefore, the anticipation of potential interest rate cuts by the Fed could initially weaken the US dollar, while uncertainties surrounding inflation and rate cuts may also impact the GBP/USD pair's performance.

GBP/USD Price Chart - Source: Tradingview
GBP/USD Price Chart - Source: Tradingview

GBP/USD - Technical Analysis

On April 3, the GBP/USD pair saw a marginal gain, inching up by 0.01% to close at 1.25732. The day's trading revolved around the pivot point of 1.25840, with immediate resistance noted at 1.26432. Further resistance points are observed at 1.26744 and 1.27017, marking the upper thresholds the pair might encounter. On the downside, the initial support aligns at 1.25409, extending to 1.24779, setting the stage for potential fallbacks.

The currency pair's technical indicators reveal a mixed sentiment. The Relative Strength Index (RSI) at 47 leans towards a neutral stance, neither distinctly bullish nor bearish. The 50-day Exponential Moving Average (EMA) is positioned at 1.25966, hovering slightly above the current market price, suggesting a cautious outlook. Notably, a downward trendline presents resistance around the $1.2585 level, indicating a technical barrier.

Market behavior, particularly the formation of Doji candlesticks beneath this trendline, may signal an impending bearish trend. Therefore, a strategic entry point for traders could be selling below 1.25849, targeting a take-profit at 1.25044 while maintaining a stop-loss at 1.26256 to mitigate risk and capitalize on the anticipated downward momentum.

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GBP/USD