Daily Price Outlook

- GBP/USD trading at $1.27412, up 0.03%, with a pivot point at $1.2750, crucial for market direction.

- RSI at 62, near overbought territory; immediate support at $1.2714, with resistance at $1.2773.

- Sell below $1.27488; target $1.27043; stop loss at $1.27734 to manage risk and potential downward correction.

GBP/USD is trading at $1.27412, up 0.03% in the latest session, reflecting modest gains amid cautious market sentiment. The pivot point at $1.2750 is a crucial level to watch for potential market direction.

Immediate resistance levels are located at $1.2773, $1.2803, and $1.2828, suggesting possible hurdles if the price attempts to move higher. Conversely, immediate support is identified at $1.2714, with further supports at $1.2685 and $1.2648, providing a safety net on the downside.

The Relative Strength Index (RSI) is currently at 62, indicating that the currency pair is approaching overbought territory.

This could signal a potential pullback if selling pressure increases. The 50-day Exponential Moving Average (EMA) is positioned at $1.2699, with the current price trading just above this level, hinting at a short-term bullish trend.

Given the technical setup, a recommended strategy would be to sell below $1.27488, with a take profit target set at $1.27043 and a stop loss at $1.27734.

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

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.27488

Take Profit – 1.27043

Stop Loss – 1.27734

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$445/ -$246

Profit & Loss Per Mini Lot = +$44/ -$24



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