GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- GBP/USD is trading at $1.27490, down 0.12% in the latest session.

- Immediate resistance levels are at $1.2765, $1.2793, and $1.2822, with support at $1.2711, $1.2676, and $1.2648.

- RSI at 52 and 50 EMA at $1.2724 suggest a neutral to slightly bullish sentiment.

The GBP/USD pair is currently trading at $1.27490, reflecting a decline of 0.12% in the latest session. The pivot point, marked at $1.2793, serves as a crucial level for determining market direction.

Immediate resistance levels are observed at $1.2765, $1.2793, and $1.2822. On the downside, immediate support is found at $1.2711, followed by $1.2676 and $1.2648.

The Relative Strength Index (RSI) is positioned at 52, indicating a neutral market sentiment with a slight bullish bias.

The 50-day Exponential Moving Average (EMA) stands at $1.2724, suggesting that the current price is slightly above this short-term average, which generally supports a bullish outlook.

The recent decline in the GBP/USD pair can be attributed to a stronger US Dollar, bolstered by robust US economic data and hawkish comments from Federal Reserve officials.

This has raised expectations that the Fed may not cut interest rates in the near term, supporting the USD and putting downward pressure on the British Pound. However, the market remains cautious as traders await key economic indicators and potential developments in the UK's economic landscape.

From a technical perspective, a bullish trend may be initiated if the price manages to sustain above the pivot point of $1.2793. This could lead to potential gains towards the immediate resistance levels at $1.2765 and beyond.

Conversely, if the GBP/USD pair falls below the immediate support level of $1.2711, further declines towards $1.2676 and $1.2648 are likely.

In conclusion, the outlook for GBP/USD remains cautiously bullish above the pivot point of $1.2793. The recommended entry price for a potential buy position is $1.27332, with a take profit target set at $1.27927 and a stop loss at $1.27036.

GBP/USD - Trade Ideas

Entry Price – Buy Limit 1.27332

Take Profit – 1.27927

Stop Loss – 1.27036

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$595/ -$296

Profit & Loss Per Mini Lot = +$59/ -$29