Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jul 21, 20231 min
Gbpusd

Daily Price Outlook

    The GBP/USD pair is currently experiencing downward pressure, trading below the 1.2935 level. This calls for cautious trading as a break below this level, followed by a breach of 1.2870, could signal further declines throughout the day, with a potential target of 1.2806.

    However, the bullish trend scenario remains valid for today as long as the mentioned support levels hold. In this case, the price targets for GBP/USD start at 1.3010 and could extend to 1.3140 after surpassing the initial resistance.

    The expected trading range for today is between the support level at 1.2870 and the resistance level at 1.3050.

    The expected trend for today is bullish, provided that the support levels mentioned earlier remain intact.

    GBP/USD Price Chart – Source: Tradingview
    GBP/USD Price Chart – Source: Tradingview

    GBP/USD - Trade Idea

    Entry Price – Sell Limit 1.29502

    Take Profit – 1.27496

    Stop Loss – 1.30605

    Risk to Reward – 1: 1.80

    Profit & Loss Per Standard Lot = +$200/ -$110

    Profit & Loss Per Micro Lot= +$20/ -$11

    Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.

    GBP/USD

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