Daily Price Outlook

- Bullish Bias: The RSI at 53 and the MACD values indicate a mild bullish sentiment for GBP/USD.

- Resistance Levels to Watch: Immediate resistance at $1.2647, followed by higher levels at $1.2813 and $1.2951.

- Supporting Chart Pattern: The upward channel pattern suggests a continued buying trend, supporting the bullish outlook for the pair.

On this Christmas Day, the GBP/USD pair is exhibiting a slight upward movement, currently trading at 1.26983, a modest increase of 0.06%. This subtle yet positive shift reflects cautious optimism in the market, amidst global economic uncertainties and holiday trading conditions.

The pivot point for the pair is set at $1.2523, serving as a key juncture for future price movements. The immediate resistance is identified at $1.2647, followed by further resistance levels at $1.2813 and $1.2951. On the downside, the support levels are placed at $1.2363, $1.2225, and $1.2088, which could provide crucial buffers against any potential declines.

The Relative Strength Index (RSI) for GBP/USD stands at 53, suggesting a slight bullish bias but not excessively so, indicating that the pair could have more room for upward movement.

The Moving Average Convergence Divergence (MACD) displays a value of 0.000340, with the signal line at 0.000800. This configuration points to a potential bullish momentum, albeit with a degree of caution, as market conditions remain fluid.

The 50-Day Exponential Moving Average (EMA) for the pair is at $1.2694, aligning closely with the current price, suggesting that the pair is maintaining a short-term bullish trend.

A key observation in the chart pattern is the overall upward channel, which supports a buying trend in GBP/USD. This pattern indicates a steady but gradual ascent, providing a favorable environment for potential bullish momentum.

In conclusion, the overall trend for GBP/USD appears bullish, particularly if the pair sustains above the 1.2630 level. In the short term, the pair is likely to test the immediate resistance levels, with the potential to push towards higher resistances, depending on the broader market sentiment and economic developments.

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

GBP/USD - Trade Idea 

Entry Price – Buy Limit 1.26726

Take Profit – 1.27839

Stop Loss – 1.25785

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1113/ -$941

Profit & Loss Per Mini Lot = +$111/ -$94



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