Daily Price Outlook

- GBP/USD shows a slight gain at 1.27297, up by 0.05%.

- RSI at 59 and price above 50 EMA indicate a short-term bullish trend.

- Resistance and support levels to watch for potential price movement.

In the intricate financial tapestry of the forex market, the GBP/USD pair continues to be a focal point for traders. On December 27, this pair has shown a slight uptick, trading at 1.27297, marking a marginal increase of 0.05%. This subtle movement indicates the ongoing cautious sentiment in the currency market.

The GBP/USD pair's current pivot point is set at $1.2731, forming a critical juncture for future price movements. The pair faces immediate resistance levels at $1.2762, $1.2794, and $1.2832. Concurrently, support levels are firmly established at $1.2681, $1.2646, and $1.2613. These price points are crucial for traders as they navigate through the short-term fluctuations of this currency pair.

From a technical analysis standpoint, the Relative Strength Index (RSI) for GBP/USD is currently at 59, indicating a moderately bullish sentiment. This suggests that buyers have a slight edge over sellers in the market. Additionally, the pair is trading above its 50-Day Exponential Moving Average (EMA) of $1.2682, further confirming the short-term bullish trend. This positioning above the EMA suggests potential for continued upward movement in the pair.

In summary, the overall trend for GBP/USD appears to be bullish, especially above the 50 EMA mark. In the short term, it is anticipated that the pair may test its resistance levels. Traders considering entering the GBP/USD market might look at a buy limit of 1.2724, with a take-profit target of 1.2794 and a stop loss at 1.2678.

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

GBP/USD - Trade Idea 

Entry Price – Buy Limit 1.2724

Take Profit – 1.2794

Stop Loss – 1.2678

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$694/ -$460

Profit & Loss Per Mini Lot = +$69/ -$46



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