Daily Price Outlook

    In the preceding sessions, the GBP/USD pair demonstrated new positive movements leading to a breach of the 1.2725 level. However, it's important to note that the 50-day Exponential Moving Average (EMA50) posed significant resistance to the price, thereby stalling the ascent and maintaining the double top pattern in play. The pair now appears poised to resume the bearish trend, with the next principal target situated at 1.2625.

    The Stochastic Oscillator is exhibiting negative indications that support the continuation of the predicted bearish trend. However, it should be noted that a breach of the 1.2825 level could halt the bearish wave and prompt the price to reverse course and rise.

    Today's anticipated trading range is between the 1.2650 support and 1.2800 resistance levels.

    The market trend for today is expected to be bearish.

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

    GBP/USD - Trade Idea

    Entry Price – Sell Limit 1.27578

    Take Profit – 1.26543

    Stop Loss – 1.28457

    Risk to Reward – 1: 1.50

    Profit & Loss Per Standard Lot = +$1035/ -$879

    Profit & Loss Per Micro Lot = +$103/ -$87



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