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

By LHFX Technical Analysis

Sep 18, 20231 min

Daily Price Outlook

The GBP/USD pair has reaffirmed its downward trajectory, consolidating beneath the 1.2400 threshold. This strengthens the forecast for an ongoing primary bearish trend, paving the way towards our primary anticipated target of 1.2310.

The current bearish channel meticulously frames the projected downtrend, which receives consistent reinforcement from the EMA50. It's important to highlight that a breach of 1.2435 could propel the price towards challenging the crucial resistance at 1.2505 before embarking on another bearish maneuver. Today's anticipated trading parameters are set between a support of 1.2300 and resistance at 1.2450.

GBP/USD price Chart – Source: Tradingview

GBP/USD - Trade Idea

Entry Price – Buy Limit 1.23798

Take Profit – 1.24463

Stop Loss – 1.23398

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$665/ -$400

Profit & Loss Per Micro Lot = +$66/ -$40

Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

GBP/USD

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