Daily Price Outlook

- GBP/USD exhibits a neutral trend with a narrow trading range.

- Key resistance and support levels define short-term trading boundaries.

- Economic events and market sentiment will significantly impact the pair's direction.

The GBP/USD pair showed a marginal increase on April 1st, trading at 1.26255, reflecting a 0.07% rise. The currency pair currently hovers near a pivot point of 1.2647, with resistance levels at 1.2690, 1.2745, and 1.2805 suggesting potential hurdles for upward movements. Conversely, the support levels are positioned at 1.2587, 1.2540, and 1.2502, which could provide stabilization in case of a decline.

The technical landscape, as denoted by a Relative Strength Index (RSI) of 47, illustrates a neutral market sentiment, with the 50-day Exponential Moving Average (EMA) at 1.2649 closely aligned with the current trading range, reinforcing the pivotal role of the 1.2647 mark. GBP/USD's trading pattern has been characterized by choppy movements within a narrow band between 1.2645 and 1.2585. A decisive break out of this range is anticipated to set the future course for the pair.

Given the current technical setup and impending economic events, a cautious approach is recommended. A potential trading strategy would be to initiate a sell position below 1.26471, targeting 1.25857, with a stop loss at 1.26828 to mitigate risk. 

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

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.26471

Take Profit – 1.25857

Stop Loss – 1.26828

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$614/ -$357

Profit & Loss Per Mini Lot = +$61/ -$35



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