Daily Price Outlook

    The GBP/USD currency pair, often referred to as 'Cable', remains a central topic of discussion in the forex markets, especially given the ongoing geopolitical events influencing both currencies. As of October 30, the GBP/USD is trading at 1.21137, showing a minor decline of 0.04% within the last 24 hours. The pair's liquidity and volume, transacted in millions and billions, make it one of the most traded currency pairs globally, reflecting its high importance in the forex world.

    Diving into the critical price levels, the GBP/USD has its pivot point stationed at 1.2152. On the resistance frontier, traders should be eyeing levels of 1.2193, followed by 1.2229 and then 1.2274. Conversely, for those looking for potential support regions, levels to watch include 1.2099, 1.2052, and a deeper support at 1.2020. From a technical indicators standpoint, the RSI sits at 43, indicating a bearish sentiment as it lies below the 50 threshold. This could signal caution among traders, reflecting potential bearish undertones. Additionally, the 50 EMA for the pair is positioned at 1.2149. Given that the GBP/USD's current price is marginally below this level, this suggests the presence of a short-term bearish trend.

    While specific chart patterns aren't detailed in the provided data, they play a pivotal role in determining potential price actions. Recognized patterns can give traders insights into possible future movements, aiding in decision-making processes.

    To wrap up, the prevailing sentiment for the GBP/USD pair leans towards the bearish side, especially when the asset is trading below the critical 1.2150 threshold. However, the fluid nature of forex markets and the geopolitical influences on the GBP and USD mean that traders should remain attentive to news and global events that could dictate the pair's future course.

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

    GBP/USD - Trade Idea

    Entry Price – Sell Below 1.21500

    Take Profit – 1.20510

    Stop Loss – 1.22020

    Risk to Reward – 1: 1.9

    Profit & Loss Per Standard Lot = +$990/ -$520

    Profit & Loss Per Micro Lot = +$99/ -$52



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