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

Daily Price Outlook

- GBP/USD faces key resistance at $1.30286; a breakout could lead to $1.30893 and $1.31531.

- Immediate support at $1.28691; a break below could push the pair toward $1.28031 and $1.27444.

- 50-day EMA ($1.27504) remains a critical support level, maintaining the overall uptrend.

The GBP/USD pair remains in a steady uptrend but is showing signs of consolidation after failing to break above $1.29446, the pivot point level.

The pair is currently trading around $1.29131, hovering near key technical levels as traders assess broader market conditions.

On the upside, immediate resistance stands at $1.30286, with a break above this level potentially driving the pair toward $1.30893 and $1.31531, where sellers may emerge.

However, the pair is struggling to sustain upward momentum, and without a decisive breakout, further upside may remain limited in the short term.

Conversely, immediate support is found at $1.28691, aligning with recent pullback levels. A break below this could open the door for a decline toward $1.28031 and potentially $1.27444, where buyers may attempt to re-enter the market.

The 50-day EMA at $1.27504 serves as a critical dynamic support level, reinforcing the overall uptrend.

Fundamentally, traders remain cautious ahead of key U.S. inflation data, which could shift expectations on Federal Reserve rate cuts.

A stronger-than-expected CPI report may boost the U.S. dollar, putting pressure on GBP/USD, while weaker inflation data could reignite buying interest in the pound.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.29437

Take Profit – 1.28664

Stop Loss – 1.29871

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$773/ -$434

Profit & Loss Per Mini Lot = +$77/ -$43