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

Daily Price Outlook

- GBP/USD hovers above trendline support at $1.2909.

- Momentum lacks conviction; RSI near midline.

- Bullish trigger lies above $1.2909, targeting $1.2966.

GBP/USD is consolidating just above the $1.2909 threshold, testing trendline support while trading slightly below the 50-SMA at $1.2932.

The pair’s structure is largely range-bound, with repeated attempts to break above $1.2972 meeting firm resistance.

Today’s price action remains cautious as traders await fresh macro catalysts. The RSI stands at 48.50, signaling indecision with a slight bearish divergence against recent higher lows in price.

A break and sustained move above the entry trigger at $1.2909 could initiate a recovery toward $1.2966, which marks the top of the recent range and immediate resistance.

The bullish case is supported by a confluence of support levels, including rising trendline support from the March lows and the psychological zone near $1.2874.

However, any failure to hold the $1.2874 level would likely expose $1.2843 and potentially $1.2813, reintroducing a bearish bias in the near term.

The technical bias remains neutral-to-bullish above $1.2909. A breakout above $1.2932 could lift the pair toward $1.2966, while a drop below $1.2874 would negate the setup.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.29098

Take Profit – 1.29660

Stop Loss – 1.28731

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$562/ -$367

Profit & Loss Per Mini Lot = +$56/ -$36