Daily Price Outlook
GBP/USD – Technical Analysis
GBP/USD is trading at $1.24440, struggling to hold ground as bearish sentiment prevails. The pair has dipped below its pivot point at $1.24525, signaling potential downside movement.
The strength of the U.S. dollar, driven by the Federal Reserve’s hawkish outlook and resilient economic data, continues to weigh on the British pound.
From a technical perspective, the 50-day EMA at $1.24194 is providing dynamic support, but if breached, it could accelerate losses. Immediate resistance is seen at $1.24911, and a break above this level may push GBP/USD toward the next targets at $1.25420 and $1.25987. However, with sellers maintaining control, any short-term gains could be met with resistance.
On the downside, $1.23972 is the first key support level. A sustained move below this level could deepen losses toward $1.23340, with the next major support resting at $1.22743.
Given the current trend, traders may consider sell positions below $1.24521, aiming for a take profit at $1.23843 while placing a stop loss at $1.24913 to manage risk.
Looking ahead, traders will monitor upcoming U.S. inflation figures which may further influence market sentiment, determining whether the dollar continues its dominance or retreats, giving GBP/USD a potential lift.
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