GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- GBP/USD remains under pressure below the pivot point of $1.24065, signaling a bearish outlook.
- A break below $1.23440 could trigger further losses toward $1.22921.
- The 50 EMA at $1.23536 serves as a critical support level for potential reversals.
The GBP/USD pair is facing downward pressure, currently trading at $1.24427, reflecting a 0.29% decline in today’s session. The pair struggles to maintain momentum above the key pivot level of $1.24065, which serves as a crucial support zone.
A sustained break below this level could expose the currency pair to further downside risks, with immediate support at $1.23440, followed by deeper levels at $1.22921 and $1.22280.
On the upside, immediate resistance is seen at $1.25064, and a decisive breakout above this level could pave the way for further gains toward $1.25637 and $1.26131.
However, market sentiment remains cautious as traders weigh economic data releases from both the UK and the US, including inflation figures and central bank guidance, which may influence the pair’s trajectory.
The 50-day EMA, currently positioned at $1.23536, offers dynamic support and could serve as a critical inflection point for traders assessing the broader trend. If GBP/USD remains below the pivot level, selling pressure is likely to persist.
A bearish breakdown below $1.24065 could confirm further downside momentum, whereas a move above $1.24501 may indicate a potential bullish reversal.
GBP/USD - Trade Ideas
Entry Price – Sell Below 1.24501
Take Profit – 1.24065
Stop Loss – 1.24812
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$436/ -$311
Profit & Loss Per Mini Lot = +$43/ -$31
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