GBP/USD Price Analysis – April 08, 2024
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 - 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.
Related News
- GOLD Price Analysis – April 08, 2024
GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
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 - 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 Price Analysis and Trade Forecast: Daily Trading Signal
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 - 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 Price Analysis – April 03, 2024
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 - 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.
Related News
- GOLD Price Analysis – April 03, 2024
GBP/USD Price Analysis – April 01, 2024
Daily Price Outlook
Despite the Bank of England (BoE) is expected to reduce interest rates three times by a quarter-point each in 2024, the GBP/USD currency pair maintained its upward trend and remained well-bid above the 1.2530 level. However, the reason for its upward trend can be attributed to several factors including the weakness of the US dollar. The US dollar faced bearish pressure following dovish comments from Federal Reserve Chairman Jerome Powell.
Powell's remarks indicated that recent US inflation data was in line with expectations, supporting the Fed's stance on potential interest rate cuts throughout 2024. This dovish sentiment regarding future rate cuts has undermined the US dollar and contributing the GBP/USD pair gains.
Another factor that has been boosting the GBP/USD pair was the good economic signs in the UK. Despite concerns about the UK economy possibly entering a recession in 2023, recent indicators such as Nationwide Housing Prices, S&P Global PMI, and Halifax House Prices data have shown that the UK economy is holding up well. This positive news has increased investor confidence in the British Pound (GBP), making it stronger against the US Dollar (USD).
In addition to this, market sentiment surrounding Brexit has improved, providing further support to the GBP. The UK and the European Union (EU) have made progress in resolving post-Brexit trade issues, reducing uncertainty for businesses and investors. As a result, the improved market sentiment surrounding Brexit, with progress in post-Brexit trade issues between the UK and EU, has further supported the GBP/USD pair, boosting the value of the British Pound.
Impact of Fed Chairman Jerome Powell's Dovish Comments on GBP/USD Currency Pair
On the US front, the dovish comments from Fed Chairman Jerome Powell had a notable impact on the GBP/USD currency pair. The broad-based US dollar losing its momentum as market participants reacted to Powell's remarks indicating the possibility of interest rate cuts in 2024. The dovish stance taken by the US Federal Reserve weakened the US dollar against major currency pairs, including the GBP/USD. This decline in the dollar's value strengthened the GBP, causing an upward trend in the GBP/USD pair.
Impact of Bank of England's Anticipated Rate Reductions on GBP/USD Currency Pair
Despite the anticipated three rate cuts by the Bank of England in 2024, the GBP/USD pair has shown resilience, largely unaffected by these expectations. This is attributed to other supportive factors bolstering the British pound, thus maintaining its strength against the US dollar. However, the positive performance of key economic indicators and improved sentiment regarding Brexit have helped the GBP/USD currency pair to stay bid.
GBP/USD - Technical Analysis
The GBP/USD pair showed a marginal increase on April 1st, trading at 1.26255, reflecting a 0.07% rise. The currency pair currently hovers near a pivot point of 1.2647, with resistance levels at 1.2690, 1.2745, and 1.2805 suggesting potential hurdles for upward movements. Conversely, the support levels are positioned at 1.2587, 1.2540, and 1.2502, which could provide stabilization in case of a decline.
The technical landscape, as denoted by a Relative Strength Index (RSI) of 47, illustrates a neutral market sentiment, with the 50-day Exponential Moving Average (EMA) at 1.2649 closely aligned with the current trading range, reinforcing the pivotal role of the 1.2647 mark. GBP/USD's trading pattern has been characterized by choppy movements within a narrow band between 1.2645 and 1.2585. A decisive break out of this range is anticipated to set the future course for the pair.
Given the current technical setup and impending economic events, a cautious approach is recommended. A potential trading strategy would be to initiate a sell position below 1.26471, targeting 1.25857, with a stop loss at 1.26828 to mitigate risk.
Related News
- GOLD Price Analysis – April 01, 2024
GBP/USD Price Analysis – March 27, 2024
Daily Price Outlook
During the European trading session, the GBP/USD pair failed to stop its downward trend and is showing sluggish performance on the day. However, the reasons for its downward trend can be attributed to several factors, including a renewed strength of US dollar and mixed economic data from both the UK and the US. It should be noted that the US Dollar Index, which measures the greenback against a basket of major currencies, is nearing a multi-week high. This strength is partly due to growing doubts about the Federal Reserve's commitment to cutting interest rates three times this year.
However, the previously released mixed economic data from the US includes a 1.4% increase in February's Durable Goods Orders, suggesting a healthy US economy, but downbeat indicators like US New Home Sales Change cause uncertainty in the market, which has supported the US dollar against major currencies like the British pound.
Bank of England's Stance and UK Economic Data Impact on GBP/USD
On the UK front, Catherine Mann from the Bank of England (BoE) believes that financial markets are expecting too many interest rate cuts this year. She thinks the BoE is unlikely to cut rates before the US Federal Reserve. Traders are watching for UK GDP growth numbers, expected to show a 0.3% quarter-on-quarter and 0.2% year-on-year contraction in the fourth quarter. If the GDP growth numbers are stronger than expected, the Pound Sterling (GBP) could gain strength. This could help the GBP/USD pair, acting as a positive force for the British pound against the US dollar.
Hence, Catherine Mann's comments dampening expectations for significant interest rate cuts by the Bank of England could lead to a stronger Pound Sterling (GBP) against the US dollar (USD). This could impact the GBP/USD currency pair positively, especially if UK economic data remains strong, supporting the British pound.
US Dollar Strength and Economic Data Impact on GBP/USD
On the US front, the broad-based US dollar has been gaining strength, mainly due to doubts about whether the Federal Reserve will cut interest rates as much as previously expected. This uncertainty stems from mixed economic data, including better-than-expected Durable Goods Orders but disappointing US New Home Sales Change figures. These mixed signals make investors unsure about the Fed's future actions, which supports the US dollar against other currencies like the British pound.
On the data front, the rise in Durable Goods Orders suggests a healthy economy, potentially prompting the Fed to consider raising interest rates instead of cutting them. Furthermore, the steady consumer confidence and slightly higher inflation expectations might encourage the Fed to maintain higher interest rates for longer. These factors could further strengthen dollar and contributes to the losses in the GBP/USD currency pair.
GBP/USD - Technical Analysis
The GBP/USD pair has shown a mild downturn in today's market, marking a 0.10% decline to settle at 1.26173. The minor retreat underlines a cautious market sentiment, with traders keenly observing pivotal price levels for directional cues. The current technical setup pinpoints the pivot point at 1.2630 as a critical threshold for defining short-term market trends. Resistance levels identified at 1.2662, 1.2716, and 1.2758 outline potential ceilings that could cap gains, signaling areas where sellers might regain control.
Conversely, immediate support at 1.2578, followed by further cushions at 1.2539 and 1.2503, delineates zones where buying interest could be reignited, potentially halting any further declines. The technical landscape is further nuanced by the RSI indicator at 38, suggesting a tilt towards oversold conditions, and the 50-day EMA at 1.2675, slightly above the current price, hinting at underlying pressure on the pound.
Related News
GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- GBP/USD's slight decline to 1.26173 signals market hesitancy, underscored by crucial support and resistance markers.
- A pivotal stance below the 1.2630 pivot may encourage a bearish outlook, with targeted selling below 1.26294 to capitalize on potential downtrends.
- The current setup advises a sell strategy with a take-profit at 1.25766 and a stop-loss at 1.26724, navigating the near-term bearish bias with precision.
The GBP/USD pair has shown a mild downturn in today's market, marking a 0.10% decline to settle at 1.26173. The minor retreat underlines a cautious market sentiment, with traders keenly observing pivotal price levels for directional cues. The current technical setup pinpoints the pivot point at 1.2630 as a critical threshold for defining short-term market trends. Resistance levels identified at 1.2662, 1.2716, and 1.2758 outline potential ceilings that could cap gains, signaling areas where sellers might regain control.
Conversely, immediate support at 1.2578, followed by further cushions at 1.2539 and 1.2503, delineates zones where buying interest could be reignited, potentially halting any further declines. The technical landscape is further nuanced by the RSI indicator at 38, suggesting a tilt towards oversold conditions, and the 50-day EMA at 1.2675, slightly above the current price, hinting at underlying pressure on the pound.
GBP/USD - Trade Ideas
Entry Price – Sell Below 1.26294
Take Profit – 1.25766
Stop Loss – 1.26724
Risk to Reward – 1: 1.2
Profit & Loss Per Standard Lot = +$528/ -$430
Profit & Loss Per Mini Lot = +$52/ -$43
GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- GBP/USD edged up to 1.26051, hovering around a critical pivot point at 1.2598, indicating a cautious market sentiment.
- Resistance and support levels delineate potential upward and downward pathways, with an immediate resistance at 1.2675.
- Technical indicators suggest an oversold condition, offering a buying opportunity with a strategic entry point at 1.25953.
The GBP/USD currency pair saw a slight uptick on March 25, closing at 1.26051, marking a 0.04% increase from the previous session. This modest gain reflects a cautious optimism in the market, with the pair navigating close to the pivot point of 1.2598. This level is pivotal for determining the pair's short-term direction, signaling potential shifts in market sentiment and investor behavior.
Key resistance and support levels outline the immediate landscape for GBP/USD. Resistance is encountered first at 1.2675, with subsequent barriers at 1.2732 and 1.2802, each representing potential targets for bullish movements. Conversely, support levels are clearly defined at 1.2542, 1.2501, and 1.2454, offering a safety net against downward pressures. These thresholds are crucial for traders to gauge the pair's resilience or vulnerability to market fluctuations.
Technical indicators provide further insight into the pair's dynamics. The Relative Strength Index (RSI) stands at 34, indicating a lean towards oversold conditions, which could suggest an impending reversal if the pair manages to garner bullish momentum. Additionally, the 50-Day Exponential Moving Average (EMA) at 1.2725 sits above current levels, underscoring a potential area of resistance but also highlighting the upward potential if the GBP/USD manages to break through the immediate ceiling.
Considering the technical outlook, adopting a strategic approach would involve setting a Buy Limit at 1.25953, with a Take Profit target at 1.26748 to capitalize on anticipated upward moves. A Stop Loss at 1.25432 is advisable to mitigate potential losses, providing a balanced risk-reward ratio. This tactical positioning reflects a readiness to exploit the GBP/USD pair's potential shifts, rooted in careful analysis of its technical landscape.
GBP/USD - Trade Ideas
Entry Price – Buy Limit 1.25953
Take Profit – 1.26748
Stop Loss – 1.25432
Risk to Reward – 1: 1.25
Profit & Loss Per Standard Lot = +$795/ -$521
Profit & Loss Per Mini Lot = +$79/ -$52
GBP/USD Price Analysis – March 25, 2024
Daily Price Outlook
The GBP/USD currency pair managed to stop its previous bearish rally and gained some bullish traction around above the 1.2600 level. However, this upward trend can be attributed to several factors including the rising speculation that the Federal Reserve (Fed) would start cutting interest rates as early as June. This speculation has undermined the strength of the US dollar, contributing the GBP/USD currency pair gains. On the other hand, the UK Retail Sales data beating expectations suggests resilience in consumer spending, buoying confidence in the British pound and positively impacting the GBP/USD pair.
Fed Rate Cut Speculation and Its Impact on GBP/USD Pair
On the US front, Federal Reserve Chairman Jerome Powell's remarks about potential interest rate cuts have excited investors. However, the lowering rates could stimulate borrowing and spending, providing a boost to the economy, which impacts the GBP/USD pair.
Investors are closely monitoring indicators such as economic growth to anticipate potential rate cuts. Powell's comments indicate the Fed's readiness to support the economy as needed. This has investors eagerly awaiting further clues on timing and magnitude of rate adjustments, influencing the GBP/USD pair's performance.
According to market indicators like CME Group's FedWatch tool, there's a high chance the Fed will lower interest rates during the June meeting. This expectation has put pressure on the US dollar, making it weaker compared to other currencies like the British pound. As a result, the GBP/USD pair is likely to continue moving upward.
Positive UK Retail Sales Data Bolsters GBP/USD Pair
Another factor impacting the GBP/USD pair's performance is the UK Retail Sales data, which defied expectations by remaining flat in February. This figure was better than the estimated decline of 0.3%, signaling resilience in consumer spending despite economic challenges.
It is worth noting that the Office for National Statistics reported the positive outcome, which provided a boost to market sentiment regarding the UK economy. Given that the UK recently experienced a technical recession, with two consecutive quarters of economic contraction in the second half of the previous year, any positive economic data is welcomed by investors.
Therefore, the stronger-than-expected Retail Sales figures suggest that consumer confidence and spending may be more robust than previously anticipated. This positive sentiment surrounding the UK economy has contributed to the GBP's strength against the USD, further supporting the upward trend of the GBP/USD pair.
Anticipated Economic Releases and Central Bank Speeches Influencing GBP/USD Pair
Looking ahead, market participants are awaiting key economic releases that could provide further direction for the GBP/USD pair. However, the focus will be on the release of Gross Domestic Product (GDP) data from both the UK and the US, offering insights into the respective economies' performance.
Additionally, speeches from central bank officials, including the Fed's Raphael Bostic and the Bank of England's Catherine Mann, will be closely monitored for any hints regarding monetary policy decisions.
GBP/USD - Technical Analysis
The GBP/USD currency pair saw a slight uptick on March 25, closing at 1.26051, marking a 0.04% increase from the previous session. This modest gain reflects a cautious optimism in the market, with the pair navigating close to the pivot point of 1.2598. This level is pivotal for determining the pair's short-term direction, signaling potential shifts in market sentiment and investor behavior.
Key resistance and support levels outline the immediate landscape for GBP/USD. Resistance is encountered first at 1.2675, with subsequent barriers at 1.2732 and 1.2802, each representing potential targets for bullish movements. Conversely, support levels are clearly defined at 1.2542, 1.2501, and 1.2454, offering a safety net against downward pressures. These thresholds are crucial for traders to gauge the pair's resilience or vulnerability to market fluctuations.
Technical indicators provide further insight into the pair's dynamics. The Relative Strength Index (RSI) stands at 34, indicating a lean towards oversold conditions, which could suggest an impending reversal if the pair manages to garner bullish momentum. Additionally, the 50-Day Exponential Moving Average (EMA) at 1.2725 sits above current levels, underscoring a potential area of resistance but also highlighting the upward potential if the GBP/USD manages to break through the immediate ceiling.
Considering the technical outlook, adopting a strategic approach would involve setting a Buy Limit at 1.25953, with a Take Profit target at 1.26748 to capitalize on anticipated upward moves. A Stop Loss at 1.25432 is advisable to mitigate potential losses, providing a balanced risk-reward ratio. This tactical positioning reflects a readiness to exploit the GBP/USD pair's potential shifts, rooted in careful analysis of its technical landscape.
Related News
- GOLD Price Analysis – March 25, 2024
GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- The GBP/USD slight decline to 1.27197 reflects a tight market, eyeing critical technical levels.
- Technical indicators suggest a bearish tilt with a strategy to sell below 1.27394, eyeing 1.26677.
- RSI at 42 and EMA trends underscore the nuanced market sentiment, cautioning traders.
The GBP/USD pair showed minimal movement today, marking a slight decrease of 0.01% to settle at 1.27197. This subdued activity comes amidst a backdrop of critical technical levels that traders are keenly watching. The pivot point for today stands at 1.26677, indicating a pivotal juncture for future price movements. Resistance levels are clearly defined at 1.27600, 1.28077, and 1.28593, suggesting areas where upward momentum may face challenges. Conversely, the currency pair finds immediate support at 1.26721, with additional safety nets at 1.26416 and 1.26119, which could arrest further declines.
Technical indicators reveal a nuanced picture: the Relative Strength Index (RSI) stands at 42, pointing to a potential undervaluation that could entice buyers. Meanwhile, the 50-Day Exponential Moving Average (EMA) at 1.27432 hovers above the current price, suggesting a slight bearish sentiment in the near term.
Given these observations, the overall trend appears tilted towards bearish, with a recommended strategy to sell below 1.27394, targeting a take profit level at the pivot point of 1.26677, and setting a stop loss at 1.27752. This approach underscores a cautious yet strategic positioning amidst the pair's current technical landscape.
GBP/USD - Trade Ideas
Entry Price – Sell Below 1.27394
Take Profit – 1.26677
Stop Loss – 1.27752
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$717/ -$358
Profit & Loss Per Mini Lot = +$71/ -$35