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

Daily Price Outlook

- Resistance Levels: Immediate resistance at $1.26068; higher targets at $1.26586 and $1.27292.

- Support Zones: Key support lies at $1.24776, with deeper levels at $1.24302 and $1.23889.

- Momentum Indicators: RSI at 38 highlights mildly oversold conditions; price remains below the 50 EMA at $1.25438, maintaining a bearish outlook.

GBP/USD is trading at $1.25048, down 0.30% as bearish momentum persists in the market. On the 4-hour chart, the pivot point at $1.25431 serves as a critical threshold for price action, with immediate resistance at $1.26068.

Further resistance levels are observed at $1.26586 and $1.27292, marking potential upside targets if sentiment shifts. On the downside, support is located at $1.24776, with additional levels at $1.24302 and $1.23889 providing safety nets against extended declines.

Technical indicators reflect bearish sentiment. The RSI stands at 38, signaling mildly oversold conditions that could prompt a corrective rebound. However, the pair is trading below its 50 EMA at $1.25438, reinforcing a bearish bias in the short term.

A decisive break below the $1.24776 support level could pave the way for deeper losses, potentially targeting $1.24302. Conversely, reclaiming the pivot point and breaking above $1.26068 resistance may reignite bullish momentum.

Traders should monitor the $1.25431 pivot point closely, as sustained trading below this level suggests continued downward pressure.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.25424

Take Profit – 1.24776

Stop Loss – 1.25891

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$648/ -$467

Profit & Loss Per Mini Lot = +$64/ -$46