Daily Price Outlook

    The GBP/USD currency pair is in focus as forex traders keenly observe the pair's performance, especially against the backdrop of global economic uncertainties. Currently, GBP/USD is trading at 1.2195 as indicated by the latest data on a 4-hour timeframe. Noteworthy price levels for the pair have been identified, with a pivot point at 1.2280. If we witness a bullish momentum, the immediate resistance level for the pair stands at 1.2261, followed by 1.2336 and 1.2398. Conversely, on a potential bearish downturn, the pair could seek support at 1.2175, with subsequent supports looming at 1.2100 and 1.2035.

    Looking at the technical indicators, the Relative Strength Index (RSI) reads 39.08. This number leans towards a bearish sentiment, indicating that the market might be under the selling pressure. However, there's a glimpse of hope for the bulls. The Moving Average Convergence Divergence (MACD) value stands at 0.00121 against its signal value of -0.01030, pointing towards a possible upward momentum in the near horizon. Another key indicator, the 50-Day Exponential Moving Average (EMA), is currently at 1.2170. The GBP/USD pair is trading just slightly above this level, which could be seen as a bullish sign in the short term.

    From a chart pattern perspective, GBP/USD appears to find considerable support around the 1.2175 mark, aligning closely with the 50 EMA line. This suggests that this particular level could play a pivotal role in influencing the pair's direction in the upcoming sessions.

    In conclusion, the GBP/USD pair's immediate trend appears to be cautiously optimistic, leaning bullish above the 1.2170 mark. However, as with all forex trading, global economic cues and geopolitical developments could introduce volatility, so it's imperative for traders to stay informed and vigilant.

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

    GBP/USD - Trade Idea

    Entry Price – Buy Limit 1.21759

    Take Profit – 1.23014

    Stop Loss – 1.21201

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$1255/ -$558

    Profit & Loss Per Micro Lot = +$125/ -$55



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