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

Daily Price Outlook

- Resistance Levels: Immediate resistance at $1.25601; further levels at $1.26142 and $1.26639 could come into play upon a breakout.

- Support Zones: Key support at $1.24089, with deeper levels at $1.23494 and $1.23014 if selling pressure intensifies.

- Momentum Indicators: RSI at 44 indicates weak momentum, while the price remains below the 50-day EMA at $1.25095, reinforcing a short-term bearish bias.

GBP/USD is trading at $1.24409, up 0.19% for the day as the pair shows signs of consolidation near its pivot point at $1.24787.

The 4-hour chart reflects cautious optimism, but the broader trend remains under pressure as the price trades below the 50-day EMA at $1.25095, signaling bearish momentum in the near term.

Immediate support is located at $1.24089, which is critical for maintaining stability. A break below this level could drive the pair lower toward $1.23494 and $1.23014, signaling deeper retracements.

Conversely, resistance stands at $1.25601, with additional barriers at $1.26142 and $1.26639. A breakout above $1.25601 could trigger a bullish move, but such a scenario remains contingent on a sustained push above the pivot point.

The Relative Strength Index (RSI) at 44 indicates weak momentum, leaning slightly toward bearish sentiment. This aligns with the broader technical outlook, suggesting that selling opportunities below the pivot may yield better risk-reward dynamics.

For intraday traders, selling below $1.24785, with a target of $1.24097, appears prudent, while a stop-loss at $1.25126 limits potential losses in case of a reversal.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.24785

Take Profit – 1.24097

Stop Loss – 1.25126

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$688/ -$341

Profit & Loss Per Mini Lot = +$68/ -$34