Daily Price Outlook

- GBP/USD showed slight upward movement, with critical focus on the pivot at 1.25840 and resistance near 1.2585.

- The technical setup suggests neutrality but leans towards bearish with potential downward pressure.

- Recommended trading strategy involves a cautious sell below 1.25849, with defined profit and loss thresholds.

On April 3, the GBP/USD pair saw a marginal gain, inching up by 0.01% to close at 1.25732. The day's trading revolved around the pivot point of 1.25840, with immediate resistance noted at 1.26432. Further resistance points are observed at 1.26744 and 1.27017, marking the upper thresholds the pair might encounter. On the downside, the initial support aligns at 1.25409, extending to 1.24779, setting the stage for potential fallbacks.

The currency pair's technical indicators reveal a mixed sentiment. The Relative Strength Index (RSI) at 47 leans towards a neutral stance, neither distinctly bullish nor bearish. The 50-day Exponential Moving Average (EMA) is positioned at 1.25966, hovering slightly above the current market price, suggesting a cautious outlook. Notably, a downward trendline presents resistance around the $1.2585 level, indicating a technical barrier.

Market behavior, particularly the formation of Doji candlesticks beneath this trendline, may signal an impending bearish trend. Therefore, a strategic entry point for traders could be selling below 1.25849, targeting a take-profit at 1.25044 while maintaining a stop-loss at 1.26256 to mitigate risk and capitalize on the anticipated downward momentum.

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

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.25849

Take Profit – 1.25044

Stop Loss – 1.26256

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$805/ -$407

Profit & Loss Per Mini Lot = +$80/ -$40



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