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

Daily Price Outlook

    * GBPUSD trading with slight bullish bias around 1.2500, gaining key support at 1.2480 level.

    * Potential to target next resistance at 1.2525, with a possible aim for 1.2560 after crossing above 50-day EMA.

    * If trend slips below 1.2480, may drop further to 1.2450 or 1.2435 level.

The GBPUSD currency pair is trading with a slight bullish bias around the 1.2500 level. The currency pair has gained key support around the 1.2480 level, and after closing candles above this particular support level, which was extended by a helpful trend line, the GBPUSD pair now has potential on the upside.

The GBPUSD pair has the potential to target the next resistance level of 1.2525, and upon crossing above this particular level, which is extended by the 50-day exponential moving average, the trend may aim for the next target level of 1.2560.

Alternatively, if the trend slips below the 1.2480 level, it may drop further until reaching the 1.2450 or 1.2435 level.

GBP/USD - Trade Idea

Entry Price – Buy Above 1.24836

Stop Loss – 1.24517

Take Profit – 1.25593

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$757/ -$319

Profit & Loss Per Micro Lot = +$75/ -$31