GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- GBP/USD remains bearish below $1.26228, with key resistance at $1.26896.
- The 50-day EMA at $1.26304 serves as a critical barrier for buyers.
- Sell entry below $1.26217, target $1.25363, stop-loss at $1.26894.
The GBP/USD pair is trading at $1.26002, down 0.01%, as the British pound struggles to hold ground against a resilient U.S. dollar. With the pair positioned just below the pivot point of $1.26228, the short-term outlook leans slightly bearish.
Immediate resistance is seen at $1.26896, followed by $1.27505 and $1.28060. A break above $1.26228 would shift sentiment bullish, with the 50-day EMA at $1.26304 acting as a key hurdle for buyers. However, sustained weakness below this level may reinforce further downside.
On the support side, $1.25586 serves as the first line of defense, with $1.25087 and $1.24528 providing deeper support zones. If the pair breaks below $1.25586, the decline could accelerate, potentially reaching the $1.25087 level, which aligns with previous consolidation areas.
From a technical perspective, the 50-day EMA at $1.26304 is acting as dynamic resistance. A sell entry below $1.26217 is favored, with a take-profit target at $1.25363 and a stop-loss at $1.26894 to cap risk.
GBP/USD - Trade Ideas
Entry Price – Sell Below 1.26217
Take Profit – 1.25363
Stop Loss – 1.26894
Risk to Reward – 1: 1.2
Profit & Loss Per Standard Lot = +$854/ -$677
Profit & Loss Per Mini Lot = +$85/ -$67
GBP/USD Price Analysis – Feb 26, 2025
Daily Price Outlook
During the European trading session, the GBP/USD pair extended its losses and hovered near 1.2640 as the US Dollar strengthened.
The US Dollar Index (DXY) rebounded strongly from an 11-week low of 106.10, regaining momentum and exerting pressure on the British Pound.
Dovish BoE Comments Weigh on GBP
The British Pound faced selling pressure after dovish remarks from Bank of England (BoE) Monetary Policy Committee (MPC) member Swati Dhingra. Speaking at Birkbeck on Monday, Dhingra expressed concerns about "weakness in consumption" and advocated for aggressive monetary policy easing.
While markets have priced in two rate cuts by the BoE this year, Dhingra suggested that more than four cuts might be necessary to avoid an excessively restrictive stance.
Earlier this month, the BoE lowered borrowing rates by 25 basis points (bps) to 4.5% and guided a gradual easing approach.
However, the central bank also halved its GDP forecast for the year to 0.75% and warned of a potential temporary rise in inflation during Q3 due to higher energy costs.
The uncertain UK economic outlook, coupled with potential US tariffs from former President Donald Trump, further dampened investor confidence in the Pound.
US Dollar Strengthens on Rising Yields and Fiscal Developments
On the US front, the US dollar rebounded as US Treasury yields recovered from a five-day losing streak. The 10-year US Treasury yield climbed to 4.33% after hitting a fresh two-month low of 4.28% earlier in the Asian session.
The rise in yields was supported by the House of Representatives advancing a $4.5 trillion tax cut plan, which includes provisions for border security, energy deregulation, and increased military spending.
The injection of significant liquidity into the economy raised inflation concerns, prompting speculation that the Federal Reserve may keep interest rates elevated for longer.
Meanwhile, weak US S&P Global PMI data for February heightened expectations of Fed rate cuts. The latest flash PMI report showed that the US service sector contracted for the first time in over two years.
As a result, traders increased their bets on a Fed rate cut in June, with the probability rising to 65% from 47% a week ago, according to the CME FedWatch tool. However, markets remain convinced that the Fed will maintain its current borrowing rate of 4.25%-4.50% through the March and May meetings.
Key Data Releases Ahead
Looking ahead, investors will closely watch the upcoming US Durable Goods Orders data on Thursday and the Personal Consumption Expenditures (PCE) Price Index report on Friday.
The PCE inflation data will be a crucial factor in shaping market expectations for the Fed’s monetary policy outlook, potentially influencing the GBP/USD pair's movement in the coming sessions.
GBP/USD – Technical Analysis
GBP/USD is trading at $1.26528, down 0.01%, reflecting a cautious sentiment as it hovers above the pivot point at $1.26211. The pair is trading slightly above the 50 EMA at $1.26219, signaling short-term bullish momentum.
If the price maintains its position above the pivot, the next target is immediate resistance at $1.26896. A break above this level could push prices towards $1.27569, with a further move towards $1.28233 if bullish momentum continues.
On the downside, if GBP/USD breaks below the pivot at $1.26211, it would shift sentiment to bearish, targeting immediate support at $1.25660.
A deeper decline could see the pair testing $1.25087, with a more substantial floor at $1.24528 if selling pressure intensifies. The 50 EMA at $1.26219 acts as dynamic support, and a break below this level would confirm a bearish reversal.
The technical outlook suggests a cautious buy above the pivot at $1.26218, targeting $1.27126 with a stop loss at $1.25869.
This setup aligns with the short-term bullish bias while maintaining a favorable risk-reward ratio. Traders should watch for volume confirmation and price action around the $1.26896 resistance to validate the bullish momentum.
Conversely, a break below $1.26211 would invalidate the bullish setup and shift sentiment to bearish, likely driving prices towards $1.25660 and beyond.
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GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish Above $1.26211: Holding above the pivot targets $1.26896 and $1.27569, indicating continued upward momentum.
- Bearish Below $1.26211: A breakdown could see declines towards $1.25660 and $1.25087, signaling a potential bearish reversal.
- Technical Setup: 50 EMA at $1.26219 acts as dynamic support, reinforcing short-term bullish sentiment.
GBP/USD is trading at $1.26528, down 0.01%, reflecting a cautious sentiment as it hovers above the pivot point at $1.26211. The pair is trading slightly above the 50 EMA at $1.26219, signaling short-term bullish momentum.
If the price maintains its position above the pivot, the next target is immediate resistance at $1.26896. A break above this level could push prices towards $1.27569, with a further move towards $1.28233 if bullish momentum continues.
On the downside, if GBP/USD breaks below the pivot at $1.26211, it would shift sentiment to bearish, targeting immediate support at $1.25660.
A deeper decline could see the pair testing $1.25087, with a more substantial floor at $1.24528 if selling pressure intensifies. The 50 EMA at $1.26219 acts as dynamic support, and a break below this level would confirm a bearish reversal.
The technical outlook suggests a cautious buy above the pivot at $1.26218, targeting $1.27126 with a stop loss at $1.25869.
This setup aligns with the short-term bullish bias while maintaining a favorable risk-reward ratio. Traders should watch for volume confirmation and price action around the $1.26896 resistance to validate the bullish momentum.
Conversely, a break below $1.26211 would invalidate the bullish setup and shift sentiment to bearish, likely driving prices towards $1.25660 and beyond.
GBP/USD - Trade Ideas
Entry Price – Buy Above 1.26218
Take Profit – 1.27126
Stop Loss – 1.25869
Risk to Reward – 1: 2.6
Profit & Loss Per Standard Lot = +$908/ -$349
Profit & Loss Per Mini Lot = +$90/ -$34
GBP/USD Price Analysis – Feb 24, 2025
Daily Price Outlook
During the European trading session, the GBP/USD currency pair gained strong upward momentum, reaching an intraday high of 1.2691 as the US Dollar weakened. The greenback’s decline gave the British Pound a boost, allowing it to extend its recent gains.
Meanwhile, uncertainty surrounds the Bank of England’s (BoE) monetary policy outlook. Although markets expect a gradual rate-cutting cycle this year, stronger-than-expected economic data has cast doubt on those projections.
As a result, the Pound continues to find support, with investors weighing the possibility of a more cautious approach from the BoE. If economic data remains robust, policymakers may delay aggressive easing, potentially providing further strength to GBP/USD.
On the flip side, uncertainty around US economic performance and Federal Reserve policy will continue to influence the pair’s direction in the coming sessions. Traders will keep a close eye on upcoming UK and US data releases for fresh cues.
Bank of England's Rate-Cutting Outlook and Economic Data Impact on GBP/USD
On the GBP front, the Bank of England (BoE) is expected to follow a moderate rate-cutting cycle this year. However, recent UK economic data has made traders rethink their expectations.
Strong Retail Sales, hotter-than-expected Consumer Price Index (CPI) data for January, and solid wage growth in the last three months of 2023 have led investors to reduce their bets on aggressive rate cuts.
Despite this, money markets still anticipate two more rate cuts this year after the BoE lowered its key interest rate by 25 basis points (bps) to 4.5% earlier this month.
Analysts at TD Securities, however, predict the BoE will cut rates four more times in 2024, citing risks such as potential trade tariffs if Donald Trump wins the U.S. election.
Yet, they have pushed their forecast for the next rate cut from March to May due to stronger-than-expected UK economic data. The uncertainty around monetary policy continues to impact the GBP/USD pair, as traders closely watch for signals from the central bank.
Looking ahead, speeches from BoE policymakers, including Clare Lombardelli, Swati Dhingra, and Deputy Governor Dave Ramsden on Monday, could provide fresh insights into the central bank’s stance.
US Dollar Weakens as Soft Services Data Fuels Fed Rate Cut Bets
On the US front, the broad-based US Dollar edged lower as weak services sector data raised expectations for an interest rate cut by the Federal Reserve (Fed) in June.
This decline was mainly triggered by the US preliminary S&P Global Purchasing Managers Index (PMI) for February, which showed a significant slowdown in business activity.
The Composite PMI rose at a slower pace, increasing only to 50.4 from 52.7 in January, with services sector activity unexpectedly contracting. The Services PMI fell to 49.7, dipping below the 50 mark for the first time in 25 months.
Economists had expected services to expand slightly. The report pointed to political uncertainty, including concerns over federal spending cuts and their potential impact on growth and inflation, as key factors behind the slowdown.
In contrast, the Manufacturing PMI showed positive signs, expanding to 51.6 in February from 51.2 in January, exceeding expectations. This growth in the manufacturing sector is seen as a result of US President Donald Trump’s tariff agenda, which aimed to boost local production.
Looking ahead, investors will focus on key data this week, including US Durable Goods Orders and the Personal Consumption Expenditures (PCE) Price Index, which could provide further clues on the Fed’s next move.
GBP/USD – Technical Analysis
GBP/USD is trading at $1.26401, showing a slight upward movement, maintaining support above the pivot point at $1.26211. This level is crucial as it is reinforced by the 50 EMA at $1.26244, which is acting as dynamic support.
The technical outlook remains bullish as long as GBP/USD stays above this level. A break above the immediate resistance at $1.26896 could propel the pair toward the next resistance at $1.27569, with a potential extension to $1.28233.
On the downside, if prices fall below the pivot point, immediate support is at $1.25660, followed by $1.25087 and $1.24528. A break below the 50 EMA would signal a bearish reversal, increasing selling pressure. However, the overall outlook remains bullish as long as GBP/USD trades above $1.26211 and the 50 EMA.
Traders should watch for a decisive breakout above $1.26896 for a bullish continuation, while a drop below $1.26211 may indicate a bearish pullback.
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GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish Momentum: GBP/USD remains bullish above the pivot point at $1.26211 and the 50 EMA at $1.26244.
- Critical Resistance Levels: Watch for a breakout above $1.26896 to target $1.27569 and $1.28233.
- Support Levels: Key support at $1.25660 and $1.25087; a break below could signal a bearish reversal.
GBP/USD is trading at $1.26401, showing a slight upward movement, maintaining support above the pivot point at $1.26211. This level is crucial as it is reinforced by the 50 EMA at $1.26244, which is acting as dynamic support.
The technical outlook remains bullish as long as GBP/USD stays above this level. A break above the immediate resistance at $1.26896 could propel the pair toward the next resistance at $1.27569, with a potential extension to $1.28233.
On the downside, if prices fall below the pivot point, immediate support is at $1.25660, followed by $1.25087 and $1.24528. A break below the 50 EMA would signal a bearish reversal, increasing selling pressure. However, the overall outlook remains bullish as long as GBP/USD trades above $1.26211 and the 50 EMA.
Traders should watch for a decisive breakout above $1.26896 for a bullish continuation, while a drop below $1.26211 may indicate a bearish pullback.
GBP/USD - Trade Ideas
Entry Price – Buy Above 1.26226
Take Profit – 1.27039
Stop Loss – 1.25733
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$813/ -$493
Profit & Loss Per Mini Lot = +$81/ -$49
GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish bias remains above $1.25906, with resistance at $1.26667 and a breakout potential toward $1.27128.
- 50-EMA at $1.24963 suggests underlying support, but a drop below $1.25209 may invite further selling pressure.
- Trade setup: Buy above $1.25899, target $1.26677, stop loss at $1.25537 for risk management.
The GBP/USD pair is trading at $1.26222, dipping -0.01%, as markets remain cautious amid shifting sentiment around the U.S. dollar.
The pair is hovering just above its pivot point at $1.25906, which serves as a crucial level—holding above this keeps the short-term bullish case intact, while a break lower could shift momentum back in favor of sellers.
On the upside, immediate resistance stands at $1.26667, and a breakout above this level could push the pair toward $1.27128, with an extended move targeting $1.27569 if bullish momentum builds.
However, if the pound fails to sustain its footing, support at $1.25209 could be tested. A breach below this level would expose the next downside targets at $1.24528 and $1.23883, where buyers may look to re-enter.
From a technical perspective, the 50-EMA at $1.24963 remains below the current price, reinforcing near-term bullish sentiment.
The overall trend, however, is delicate, with traders closely watching whether the pound can hold above the pivot zone. The broader picture suggests that while buyers have an edge, a failure to clear resistance levels could invite renewed selling pressure.
For traders, a buy entry above $1.25899 appears favorable, with a take-profit target at $1.26677, while a stop loss at $1.25537 helps mitigate downside risk.
The pound’s next directional move hinges on its ability to sustain above $1.25906, as a failure to do so may trigger increased volatility.
GBP/USD - Trade Ideas
Entry Price – Buy Above 1.25899
Take Profit – 1.26677
Stop Loss – 1.25537
Risk to Reward – 1: 2.1
Profit & Loss Per Standard Lot = +$778/ -$362
Profit & Loss Per Mini Lot = +$77/ -$36
GBP/USD Price Analysis – Feb 19, 2025
Daily Price Outlook
During the European trading session, the GBP/USD currency pair failed to gain much traction and remained sluggish around the 1.2607 level. However, the possible reason for this slow movement could be the uncertainty surrounding the UK economy, as traders awaited key inflation data.
Investors were cautious, trying to gauge whether the Bank of England (BoE) might adjust its interest rate policy based on new economic signals.
On the data front, the latest UK Consumer Price Index (CPI) data for January brought some surprises. Following this data, the British Pound found some strength against major currencies.
However, the rise in inflation often leads traders to speculate that the BoE might keep interest rates higher for longer to control price increases. As a result, GBP saw some support, even though overall market conditions remained cautious.
GBP/USD Reacts to Higher-Than-Expected UK Inflation Data Amid BoE Caution
On the GBP front, the release of the United Kingdom's (UK) Consumer Price Index (CPI) data for January showed higher-than-expected inflation, which provided some support to the GBP/USD currency pair. The annual headline CPI rose by 3%, beating the 2.8% forecast and up from 2.5% in December.
The core CPI, which excludes volatile items like food, energy, alcohol, and tobacco, also showed solid growth at 3.7%, matching expectations but improving from 3.2% previously. However, on a monthly basis, inflation eased slightly by 0.1%, a slower decline than anticipated.
Despite the positive inflation data, the Bank of England (BoE) remains cautious. The services sector, a key focus for the BoE, saw inflation rise to 5% from 4.4% in December, signaling persistent price pressures. However, BoE Governor Andrew Bailey downplayed concerns, suggesting that the rise in inflation might not last.
He believes that a sluggish economy could help control inflation and reiterated that while energy prices could push inflation higher in the short term, a gradual cooling of prices is still expected.
Looking ahead, investors are keeping an eye on the upcoming UK Retail Sales data for January and the preliminary S&P Global/CIPS Purchasing Managers Index (PMI) for February, which are due on Friday.
These reports could provide fresh clues on the UK's economic health and potentially influence the direction of the GBP/USD currency pair.
GBP/USD Rises as US Dollar Weakens Ahead of Fed Minutes
On the other hand, the losses in the GBP/USD currency pair could be short-lived as the US Dollar lost traction and edged lower amid investor caution ahead of the Federal Reserve’s (Fed) meeting minutes.
Traders await clues on how long the Fed will keep interest rates steady at 4.25%-4.50%. The Fed paused its rate cuts in January after reducing rates by a total of 100 basis points in 2024, with Chair Jerome Powell emphasizing that further adjustments would depend on inflation progress and labor market conditions.
At the same time, San Francisco Fed Bank President Mary Daly supported keeping monetary policy “restrictive” until inflation continues to slow. Investors remain focused on the FOMC minutes, set to be released at 19:00 GMT, for any signs of future rate changes.
The Fed's cautious stance has kept the US Dollar under pressure, allowing the Pound to gain strength. However, any unexpected hawkish signals in the minutes could boost the US Dollar, potentially limiting GBP/USD gains.
GBP/USD – Technical Analysis
The GBP/USD pair is trading at $1.26222, dipping -0.01%, as markets remain cautious amid shifting sentiment around the U.S. dollar.
The pair is hovering just above its pivot point at $1.25906, which serves as a crucial level—holding above this keeps the short-term bullish case intact, while a break lower could shift momentum back in favor of sellers.
On the upside, immediate resistance stands at $1.26667, and a breakout above this level could push the pair toward $1.27128, with an extended move targeting $1.27569 if bullish momentum builds.
However, if the pound fails to sustain its footing, support at $1.25209 could be tested. A breach below this level would expose the next downside targets at $1.24528 and $1.23883, where buyers may look to re-enter.
From a technical perspective, the 50-EMA at $1.24963 remains below the current price, reinforcing near-term bullish sentiment.
The overall trend, however, is delicate, with traders closely watching whether the pound can hold above the pivot zone. The broader picture suggests that while buyers have an edge, a failure to clear resistance levels could invite renewed selling pressure.
For traders, a buy entry above $1.25899 appears favorable, with a take-profit target at $1.26677, while a stop loss at $1.25537 helps mitigate downside risk.
The pound’s next directional move hinges on its ability to sustain above $1.25906, as a failure to do so may trigger increased volatility.
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GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish above $1.25793 – Targeting $1.26303, with a stop-loss at $1.25488.
- Resistance at $1.26310 – A breakout could push GBP/USD toward $1.26667 and $1.27037.
- Support at $1.25498 – A drop below this level may trigger further downside toward $1.25104 and $1.24765.
GBP/USD is hovering around $1.25960, showing signs of consolidation after a recent pullback. The pair is trading just above its pivot point at $1.25795, which serves as a critical level for determining near-term direction.
Immediate resistance stands at $1.26310, and a breakout above this level could drive bullish momentum toward the next resistance zones at $1.26667 and $1.27037.
On the downside, immediate support is seen at $1.25498, followed by key levels at $1.25104 and $1.24765. A failure to hold above $1.25498 could accelerate selling pressure, potentially triggering a deeper correction.
The 50-day EMA at $1.24956 suggests that the broader trend remains supported, as the moving average aligns closely with key support levels. If buyers maintain control above the $1.25793 entry point, a move toward $1.26303 appears likely, making it a strategic buy opportunity with a stop loss at $1.25488.
From a technical perspective, GBP/USD is positioned for a potential breakout if it maintains strength above the pivot point of $1.25795.
GBP/USD - Trade Ideas
Entry Price – Buy Above 1.25793
Take Profit – 1.26303
Stop Loss – 1.25488
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$510/ -$305
Profit & Loss Per Mini Lot = +$51/ -$30
GBP/USD Price Analysis – Feb 17, 2025
Daily Price Outlook
During the European trading session, the GBP/USD currency pair prolonged its bullish rally and remained well bid around the 1.2603 level, hitting an intra-day high of 1.2607.
However, the reason for its upward trend can be attributed to investors turning cautious ahead of the UK employment data for the three months ending in December, set to be released on Tuesday.
Traders are closely watching this data to gauge the strength of the UK labor market, which could influence the Bank of England's future decisions. Meanwhile, the US Dollar Index (DXY) is struggling to stay above 106.70, its lowest level in over two months, adding some support to GBP/USD.
Another key factor influencing the British pound is the reaction of business owners to Chancellor of the Exchequer Rachel Reeves’ decision to raise employers’ contributions to National Insurance (NI). In the Autumn Budget, she announced an increase of 1.2%, bringing the rate to 15%, which will take effect in April.
This has raised concerns among businesses, as higher costs could impact hiring and overall economic growth. As a result, traders will be closely monitoring the UK labor market data to see how businesses are responding to these policy changes.
GBP/USD Gains Amid Cautious Sentiment Ahead of UK Employment Data
On the GBP front, the gains in the GBP/USD currency pair were mainly supported by investors being cautious ahead of the UK employment data for the three months ending in December, set to be released on Tuesday.
Investors are closely watching the UK labor market to see if business owners are still unhappy with the government’s decision to raise National Insurance contributions.
Chancellor Rachel Reeves recently announced a 1.2% increase, bringing the total to 15%, which will take effect in April. This move has led to a slowdown in private sector hiring, with only 35K new jobs added in the three months ending in November, a sharp drop from the 173K added in the previous period.
Meanwhile, Bank of England (BoE) Governor Andrew Bailey stated that he sees signs of weakness in the labor market but remains confident that inflation is on a downward path. The UK’s unemployment rate is expected to rise slightly to 4.5% in December.
Market participants will also be watching closely for UK wage growth data, as strong wage increases could keep inflation high, especially in the service sector.
The BoE has warned that inflation may pick up again before returning to its 2% target due to higher energy prices. As a result, weak employment conditions and high inflation expectations could raise concerns about stagflation risks. Later in the week, investors will also focus on UK CPI and Retail Sales data.
US Dollar Weakens as Market Sentiment Improves, Supporting GBP/USD
On the US front, the broad-based US dollar has been sluggish and remained subdued as market sentiment improved. The US dollar weakened as fears of an immediate global trade war eased after US President Donald Trump delayed the imposition of reciprocal tariffs, which are now unlikely to take effect before April 1.
Last week, investors had been worried about a potential trade war, expecting Trump to announce new tariffs on Thursday.
Meanwhile, recent US inflation data came in stronger than expected, with both the Consumer Price Index (CPI) and Producer Price Index (PPI) showing higher-than-anticipated numbers for January.
This has led to cautious remarks from Dallas Federal Reserve Bank President Lorie Logan, who emphasized the need for patience before adjusting interest rates. She stated that the Federal Reserve would closely monitor upcoming economic data, as well as geopolitical developments and Trump’s economic policies.
GBP/USD – Technical Analysis
GBP/USD is hovering around $1.25960, showing signs of consolidation after a recent pullback. The pair is trading just above its pivot point at $1.25795, which serves as a critical level for determining near-term direction.
Immediate resistance stands at $1.26310, and a breakout above this level could drive bullish momentum toward the next resistance zones at $1.26667 and $1.27037.
On the downside, immediate support is seen at $1.25498, followed by key levels at $1.25104 and $1.24765. A failure to hold above $1.25498 could accelerate selling pressure, potentially triggering a deeper correction.
The 50-day EMA at $1.24956 suggests that the broader trend remains supported, as the moving average aligns closely with key support levels. If buyers maintain control above the $1.25793 entry point, a move toward $1.26303 appears likely, making it a strategic buy opportunity with a stop loss at $1.25488.
From a technical perspective, GBP/USD is positioned for a potential breakout if it maintains strength above the pivot point of $1.25795.
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GBP/USD Price Analysis – Feb 12, 2025
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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