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

Daily Price Outlook

The GBP/USD currency pair, as presented on the 4-hour chart, is currently trading at 1.22912. The established pivot point for the pair stands at 1.21769.

On the upside, immediate resistance lies at 1.2318, followed by 1.24016 and 1.25426. On the downside, GBP/USD experiences support at 1.20933, with subsequent support levels at 1.19523 and 1.18686.

From a technical indicators standpoint, the Relative Strength Index (RSI) showcases a value of 62.51, suggesting a bullish momentum without breaching the overbought threshold.

The MACD records a slight bullish divergence with a value of 0.00074, which is below its signal line placed at 0.0034. Notably, the current price of GBP/USD is trading above the 50-day Exponential Moving Average (EMA) marked at 1.22064, reinforcing the bullish bias in the short term.

GBP/USD - Trade Idea

Entry Price – Sell Limit 1.2301

Take Profit – 1.2208

Stop Loss – 1.2352

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$922/ -$512

Profit & Loss Per Micro Lot = +$92/ -$51