Daily Price Outlook

- GBP/USD is trading at $1.27176, below the pivot point of $1.2762.

- RSI at 35 indicates potential oversold conditions, suggesting a possible rebound.

- 50-day EMA at $1.2755 presents significant resistance, influencing potential upward movements.

The GBP/USD pair is currently trading at $1.27176, reflecting a modest decline of 0.06% for the day. Analyzing the 4-hour chart, the pair is moving within a defined range, indicative of cautious market sentiment ahead of key economic events. The pivot point at $1.2762 is crucial for determining the short-term direction of the pair.

Immediate resistance is observed at $1.2745, followed by higher resistance levels at $1.2779 and $1.2814. These levels represent potential barriers that the GBP/USD pair needs to overcome to initiate a sustained upward movement.

On the flip side, immediate support is noted at $1.2681, with subsequent support levels at $1.2645 and $1.2611. These support zones could provide a buffer against further declines.

Technical indicators present a mixed picture. The Relative Strength Index (RSI) is at 35, suggesting that the market is approaching oversold territory, which might indicate a potential rebound if broader market conditions support it.

Additionally, the 50-day Exponential Moving Average (EMA) is positioned at $1.2755, slightly above the current price. This suggests that the immediate resistance could be reinforced by the EMA, making it a critical level to watch for any potential breakout or reversal.

In conclusion, traders should consider a buy limit order at $1.27046, targeting a take profit level at $1.27618, with a stop loss set at $1.26667.

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

GBP/USD - Trade Ideas

Entry Price – Buy Limit 1.27046

Take Profit – 1.27618

Stop Loss – 1.26667

Risk to Reward – 1: 5

Profit & Loss Per Standard Lot = +$572/ -$379

Profit & Loss Per Mini Lot = +$57/ -$37



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