Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 18, 2024
Gbpusd

Daily Price Outlook

- GBP/USD bearish sentiment with RSI at 39.68, suggesting potential downside if pivot point breaks.

- Immediate resistance levels at $1.27457, $1.27645, and $1.28075 must be breached for bullish momentum.

- Sell entry below $1.27100 with a target of $1.26445 and stop loss at $1.27457.

GBP/USD is currently trading at $1.26825, showing bearish momentum on the 4-hour chart. The pivot point at $1.27100 is a crucial level for determining the next move. Immediate resistance is seen at $1.27457, with subsequent resistance levels at $1.27645 and $1.28075. To confirm a bullish reversal, these resistance levels need to be breached. On the downside, immediate support is found at $1.26572, with further support levels at $1.26445 and $1.26132. The Relative Strength Index (RSI) is at 39.68, indicating bearish sentiment but not yet in oversold territory.

The 50-day Exponential Moving Average (EMA) at $1.27412 is currently acting as a resistance level. The price needs to break above this EMA to signal a potential shift to bullish momentum. The current price action suggests that a break above the immediate resistance could signal a bullish move, while a drop below the pivot point of $1.27100 may lead to further downside pressure. Monitoring these key levels and EMA crossovers will be essential for short-term trading strategies.

The 200-day EMA at $1.27412 also serves as a significant resistance point that the price needs to surpass to confirm a stronger bullish trend. Considering the current technical outlook, a sell position below $1.27100 is advisable with a take profit target at $1.26445 and a stop loss at $1.27457.

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

GBP/USD- Trade Ideas

Entry Price – Sell Below 1.27100

Take Profit – 1.26445

Stop Loss – 1.27457

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$ 655/ -$ 357

Profit & Loss Per Mini Lot = +$ 65/ -$ 35

GBP/USD

Technical Analysis

GBP/USD Price Analysis – June 18, 2024

By LonghornFX Technical Analysis
Jun 18, 2024
Gbpusd

Daily Price Outlook

The GBP/USD pair is currently trading at $1.26825, exhibiting bearish momentum as observed on the 4-hour chart. Despite the broader market sentiment showing some recovery at the beginning of the week, investors remain cautiously optimistic, eyeing a potential Federal Reserve rate cut in September as U.S. economic indicators begin to show signs of softening.

Anticipation for U.S. Economic Indicators

This week's focal point will be the release of U.S. Retail Sales data on Tuesday. Analysts expect a modest uptick in May's figures, with Retail Sales projected to rise by 0.2% month-over-month, recovering from a previous flat growth rate.

Similarly, Core Retail Sales are anticipated to remain steady at 0.2%. Additionally, the Purchasing Managers Index (PMI) figures, due for release on Friday, are predicted to show a slight decrease, reflecting a potential slowdown in manufacturing sector expansion.

Federal Reserve's Prudent Approach

Federal Reserve officials have been cautiously articulating their views throughout the week, underscoring that despite the faster cooling of recent inflation figures, the decision to cut rates prematurely remains unwarranted.

They stress the importance of additional economic data to support any rate adjustments, suggesting a very measured approach to future monetary policy.

UK Economic Outlook and Monetary Policy

On the UK front, Consumer Price Index (CPI) inflation data is expected on Wednesday, with predictions pointing to a slight increase to 0.4% month-over-month for May, up from April's 0.3%. Concurrently, the Bank of England (BoE) is poised to decide on interest rates, with the consensus leaning towards maintaining the current rate of 5.25%.

The Monetary Policy Committee (MPC) is projected to maintain a seven-to-two vote favoring unchanged rates, mirroring their previous stance.

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

GBP/USD - Technical Analysis

GBP/USD is currently trading at $1.26825, showing bearish momentum on the 4-hour chart. The pivot point at $1.27100 is a crucial level for determining the next move. Immediate resistance is seen at $1.27457, with subsequent resistance levels at $1.27645 and $1.28075. To confirm a bullish reversal, these resistance levels need to be breached. On the downside, immediate support is found at $1.26572, with further support levels at $1.26445 and $1.26132. The Relative Strength Index (RSI) is at 39.68, indicating bearish sentiment but not yet in oversold territory.

The 50-day Exponential Moving Average (EMA) at $1.27412 is currently acting as a resistance level. The price needs to break above this EMA to signal a potential shift to bullish momentum. The current price action suggests that a break above the immediate resistance could signal a bullish move, while a drop below the pivot point of $1.27100 may lead to further downside pressure. Monitoring these key levels and EMA crossovers will be essential for short-term trading strategies.

The 200-day EMA at $1.27412 also serves as a significant resistance point that the price needs to surpass to confirm a stronger bullish trend. Considering the current technical outlook, a sell position below $1.27100 is advisable with a take profit target at $1.26445 and a stop loss at $1.27457.

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Technical Analysis

GBP/USD Price Analysis – June 17, 2024

By LonghornFX Technical Analysis
Jun 17, 2024
Gbpusd

Daily Price Outlook

The GBP/USD pair fell sharply below the 1.2700 mark, trading at 1.2683 as of writing, due to risk aversion and political turmoil in Europe.

The decline was exacerbated by easing inflation expectations in the UK, with the latest NanBoE/Ipsos survey showing a decrease from 3.0% to 2.8% in May. This is the lowest level since August 2021.

Political Uncertainty Adds Pressure:

The upcoming UK elections on July 4th are also adding pressure to the pound. Recent polls show the Reform party gaining momentum over the Conservatives, raising concerns about potential political instability.

US Economic Data and Fed Outlook:

Meanwhile, US economic data released on Friday painted a mixed picture. Import prices declined by 0.4% in May, exceeding expectations, while consumer sentiment fell to a six-month low of 65.6. However, 5-year inflation expectations remained unchanged at 3.3%, suggesting persistent price pressures.

Key Events and Levels to Watch:

Investors will closely monitor the Bank of England's monetary policy meeting on Thursday, where the central bank is expected to raise interest rates by 25 basis points to 5.25%. The release of UK CPI data on Wednesday and retail sales and PMI figures on Friday will also be closely watched for further clues on the economic outlook and potential impact on the pound.

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

GBP/USD - Technical Analysis

The GBP/USD pair is facing downward pressure, trading below its pivot point of 1.2678 on the 4-hour chart. The 50-day Exponential Moving Average (EMA) at 1.2758 is acting as a significant resistance, further solidifying the bearish outlook.

The Relative Strength Index (RSI) reading of 35 indicates oversold conditions, hinting at a potential bounce in the near term. However, the broader trend remains bearish, and traders should exercise caution.

Key resistance levels to monitor are 1.2723, 1.2765, and 1.2808. A break above these levels could negate the bearish bias and signal a potential reversal. On the downside, immediate support lies at 1.2645, followed by 1.2613 and 1.2581.

A decisive break below these levels could trigger further selling pressure, potentially leading to a deeper decline for the pound.

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GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 17, 2024
Gbpusd

Daily Price Outlook

- GBP/USD trades below pivot point, signaling bearish pressure.

- RSI at 35 indicates oversold conditions, potential for a short-term bounce.

- Key support levels to watch: 1.2645, 1.2613, 1.2581.

The GBP/USD pair is facing downward pressure, trading below its pivot point of 1.2678 on the 4-hour chart. The 50-day Exponential Moving Average (EMA) at 1.2758 is acting as a significant resistance, further solidifying the bearish outlook.

The Relative Strength Index (RSI) reading of 35 indicates oversold conditions, hinting at a potential bounce in the near term. However, the broader trend remains bearish, and traders should exercise caution.

Key resistance levels to monitor are 1.2723, 1.2765, and 1.2808. A break above these levels could negate the bearish bias and signal a potential reversal. On the downside, immediate support lies at 1.2645, followed by 1.2613 and 1.2581.

A decisive break below these levels could trigger further selling pressure, potentially leading to a deeper decline for the pound.

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

GBP/USD- Trade Ideas

Entry Price – Buy Above 1.26525

Take Profit – 1.27085

Stop Loss – 1.26180

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$560/ -$345

Profit & Loss Per Mini Lot = +$56/ -$34

GBP/USD

Technical Analysis

GBP/USD Price Analysis – June 12, 2024

By LonghornFX Technical Analysis
Jun 12, 2024
Gbpusd

Daily Price Outlook

Despite the bullish US dollar and downbeat US economic data, the GBP/USD currency pair maintained its upward trend and remained well-bid around the 1.2757 level, hitting the intra-day high of 1.2760 level.

However, its upward trend can be attributed to the high wage growth in the UK. Higher wages typically indicate a strong economy, as consumers have more purchasing power, which can lead to increased spending and economic growth.

As a result, investors perceive the currency as more valuable and therefore be more inclined to invest in it, leading to an appreciation of the GBP.

On the flip side, the UK economy failed to grow in April as a mild expansion in the services sector was offset by a decline in Industrial Production and construction output. The decrease in manufacturing sector activity was driven by lower production in the pharmaceutical and food sectors, the data showed.

The UK Office for National Statistics (ONS) reported that the economy remained stagnant, as economists expected, signaling a subdued start to the second quarter. This was seen as a key factor ttat kept the lid on any additional gains in the GBP/USD pair.

Impact of UK Economic Performance on Monetary Policy

On the UK front, the economy showed no growth in April, as predicted by economists, signaling a slow start to the second quarter. This was due to a slight expansion in the services sector being offset by declines in industrial production and construction output.

Manufacturing output and industrial production, which measure factory activity, dropped more than expected, with manufacturing output falling by 1.4% and industrial production by 0.9%.

This weaker factory data suggests that households and businesses are struggling with high interest rates set by the Bank of England, potentially prompting the Bank to consider easing its monetary policy sooner. However, high wage growth remains a hurdle for the Bank, with wages rising by 6.0% in the three months to April, well above the desired inflation rate of 2%.

The stagnant economy and weak industrial data may weaken the GBP, but high wage growth could support it by reducing the likelihood of immediate monetary easing by the Bank of England.

Impact of US Inflation Data and Fed Policy on GBP/USD Pair

On the US front, the broad-based US Dollar has been gaining momentum before the release of the US Consumer Price Index (CPI) data for May and the Federal Reserve’s monetary policy announcement.

The CPI figures will shape expectations on whether the Fed will adjust interest rates. With recent robust job creation and wage growth, there's less anticipation for rate cuts starting in September. Annual core inflation is predicted to slow to 3.5%, while headline inflation is expected to hold at 3.4%.

The Fed is likely to maintain rates but investors will scrutinize the dot plot, signaling future rate movements, with expectations for fewer cuts than previously thought due to tight labor market conditions and lingering price pressures.

Therefore, the GBP/USD pair could experience fluctuations against the US Dollar based on the US inflation data and the Fed's monetary policy decision, influencing market sentiment and expectations for future interest rate changes.

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

GBP/USD - Technical Analysis

The GBP/USD pair is currently trading at $1.27507, showing a marginal decline of 0.00% for the session. The pivot point at $1.28 is a crucial level for today's trading. Immediate resistance is exactly at this pivot point, followed by further resistance at $1.2850 and $1.2900.

These levels are critical as they indicate potential barriers for any upward movement in price.

On the downside, immediate support lies at $1.2700, followed by $1.2650 and $1.2600. A break below these support levels could suggest a continuation of the bearish trend, adding downward pressure on the pound.

Technical indicators provide a mixed outlook. The Relative Strength Index (RSI) stands at 56, indicating a neutral momentum with a slight bullish bias.

The 50-day Exponential Moving Average (EMA) is positioned at $1.27, with the current price trading just above this level. This setup suggests a potential for upward movement if the pair maintains its position above the EMA.

Given the current technical environment, the outlook for GBP/USD remains cautiously bullish. An entry price for a buy limit order is recommended at $1.27337, with a take profit level set at $1.27712. To manage risk, a stop loss is suggested at $1.27167.

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GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 12, 2024
Gbpusd

Daily Price Outlook

- GBP/USD trading at $1.27507, down 0.00%, with cautious signals around the pivot point of $1.28.

- Immediate resistance levels: $1.28, $1.2850, $1.2900.

- Immediate support levels: $1.2700, $1.2650, $1.2600.

The GBP/USD pair is currently trading at $1.27507, showing a marginal decline of 0.00% for the session. The pivot point at $1.28 is a crucial level for today's trading. Immediate resistance is exactly at this pivot point, followed by further resistance at $1.2850 and $1.2900. These levels are critical as they indicate potential barriers for any upward movement in price.

On the downside, immediate support lies at $1.2700, followed by $1.2650 and $1.2600. A break below these support levels could suggest a continuation of the bearish trend, adding downward pressure on the pound.

Technical indicators provide a mixed outlook. The Relative Strength Index (RSI) stands at 56, indicating a neutral momentum with a slight bullish bias. The 50-day Exponential Moving Average (EMA) is positioned at $1.27, with the current price trading just above this level. This setup suggests a potential for upward movement if the pair maintains its position above the EMA.

Given the current technical environment, the outlook for GBP/USD remains cautiously bullish. An entry price for a buy limit order is recommended at $1.27337, with a take profit level set at $1.27712. To manage risk, a stop loss is suggested at $1.27167.

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

GBP/USD - Trade Ideas

Entry Price – Buy Limit 1.27337

Take Profit – 1.27712

Stop Loss – 1.27167

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$375/ -$170

Profit & Loss Per Mini Lot = +$37/ -$17

GBP/USD

Technical Analysis

GBP/USD Price Analysis – June 10, 2024

By LonghornFX Technical Analysis
Jun 10, 2024
Gbpusd

Daily Price Outlook

During the European trading session, the GBP/USD pair continued its downward trend, remaining under pressure around the 1.2691 level and hitting an intra-day low of 1.2689. The reason for this can be attributed to the bullish US dollar, which gained traction following stronger-than-expected US Nonfarm Payrolls (NFP) data.

This dampened expectations of Fed rate cuts in September, pushing the US dollar higher and contributing to the GBP/USD pair's losses. Additionally, signs of more layoffs in the UK employment data could undermine the Pound Sterling (GBP) by increasing expectations of early rate cuts by the Bank of England (BoE).

Impact of US Nonfarm Payrolls on GBP/USD Pair and Key Events Ahead

On the US front, stronger-than-expected Nonfarm Payrolls (NFP) data has lowered the chances of Federal Reserve (Fed) rate cuts this year. This has strengthened the US Dollar (USD) and contributed to gains in the GBP/USD pair.

The robust US employment report has reduced expectations of a Fed rate cut before September, with futures traders seeing almost no chance of this happening, which is likely to support the USD for now.

On the data front, US Nonfarm Payrolls rose by 272,000 in May, exceeding the expected 185,000. The unemployment rate increased slightly to 4.0%, and average hourly earnings grew by 4.1% year-over-year, beating the 3.9% estimate. These figures indicate a stronger-than-expected job market.

The strong US job figures and reduced expectations of Fed rate cuts have bolstered the US Dollar, putting pressure on the GBP/USD pair. Investors are now focused on the UK employment data for May, due on Tuesday.

Additionally, the US Consumer Price Index (CPI) and the Fed's decision this week will be in the spotlight.

Impact of UK Employment Data on GBP/USD Pair

On the UK front, upcoming employment data on Tuesday, including Claimant Count Change, Employment Change, and Average Earnings, will be closely watched. If there are indications of increased layoffs, it could lead to expectations of early rate cuts by the Bank of England (BoE), weakening the Pound Sterling (GBP).

Investors are particularly sensitive to signs of economic weakness amid uncertainties, which may prompt the BoE to take preemptive measures. Thus, any negative surprises in the employment figures could put downward pressure on the GBP, contrasting with the strengthened USD due to favorable US job data.

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

GBP/USD - Technical Analysis

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.

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GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 10, 2024
Gbpusd

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

GBP/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 5, 2024
Gbpusd

Daily Price Outlook

- GBP/USD trades at $1.27798, up 0.01%, with key resistance at $1.2819.

- RSI at 55 indicates moderate bullish momentum; 50-Day EMA at $1.2748 supports the pair.

- Buy above $1.27605, target $1.28177, and stop loss at $1.27226 to manage risk.

The GBP/USD pair is currently trading at $1.27798, up 0.01% on the four-hour chart. The currency pair is experiencing a minor uptick amid a generally cautious market environment. Key price levels to watch include a pivot point at $1.2818.

Immediate resistance is located at $1.2819, with further resistance levels at $1.2855 and $1.2893. On the downside, immediate support is observed at $1.2705, followed by supports at $1.2675 and $1.2644.

Technical indicators provide a moderately bullish outlook. The Relative Strength Index (RSI) is currently at 55, indicating that the pair is in neutral territory with a slight bias towards buying pressure.

The 50-Day Exponential Moving Average (EMA) is positioned at $1.2748, suggesting that the pair remains supported above this level.

In the current market scenario, the recommended entry price for a buy position is above $1.27605. Traders should set a take profit target at $1.28177, aligning closely with the pivot point, and place a stop loss at $1.27226 to manage potential downside risks.

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

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.27605

Take Profit – 1.28177

Stop Loss  – 1.27226

Risk to Reward – 1: 2

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

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

GBP/USD

Technical Analysis

GBP/USD Price Analysis – June 5, 2024

By LonghornFX Technical Analysis
Jun 5, 2024
Gbpusd

Daily Price Outlook

During the European trading session, the GBP/USD currency pair maintained its upward trend despite the Bank of England expected to deliver two rate cuts this year. It is currently trading around the 1.2771 level, having hit an intra-day high of 1.2784.

However, the reason for its upward trend could be attributed to the bearish US dollar, which recently lost traction due to previously released downbeat US economic data. This boosted expectations that the Federal Reserve will cut interest rates later this year.

In contrast, the BoE's expected rate cuts put downward pressure on the GBP/USD pair due to anticipated changes in interest rate differentials.

Impact of Speculated Fed Rate Cuts and Weak US Economic Data on GBP/USD Pair

On the US front, the broad-based US dollar edged lower due to growing speculation that the US Federal Reserve will cut interest rates in September, with the CME FedWatch tool showing a 65% chance of a rate cut, up from 47% a week ago.

This shift is driven by a weak US ISM Manufacturing PMI report for May and downwardly revised Q1 GDP data. These economic indicators have increased the likelihood of a Fed rate cut, affecting the dollar's momentum.

On the data front, the Job Openings and Labor Turnover Survey (JOLTS) showed a significant drop in job openings by 296,000 to 8.059 million in April, the lowest in over three years. This, along with weak US ISM Manufacturing PMI data, suggests a slowing US economy.

The ADP report is expected to show a smaller increase in private payrolls, 173K compared to 192K in April. The ISM Services PMI is projected to rise slightly to 50.5, indicating growth.

Therefore, the speculation of Fed rate cuts and weak US economic data are pressuring the USD, boosting the GBP/USD pair as the dollar weakens against the pound.

Anticipated Bank of England Rate Cuts and GBP/USD Impact

On the UK front, investors are eagerly awaiting signals from the Bank of England (BoE) regarding potential interest rate cuts. Market expectations suggest the BoE might implement two rate cuts this year, with August being the earliest possible time for this adjustment.

This anticipation reflects a move toward policy normalization amid economic uncertainties. As investors await clarity on the BoE's stance, the probability of rate cuts is influencing market sentiment and could impact the GBP/USD pair, with potential fluctuations as the market digests the BoE's decisions.

Thus, the anticipated rate cuts by the Bank of England could weaken the GBP against the USD due to shifts in interest rate differentials and market sentiment regarding the UK's economic outlook.

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

GBP/USD - Technical Analysis

The GBP/USD pair is currently trading at $1.27798, up 0.01% on the four-hour chart. The currency pair is experiencing a minor uptick amid a generally cautious market environment. Key price levels to watch include a pivot point at $1.2818.

Immediate resistance is located at $1.2819, with further resistance levels at $1.2855 and $1.2893. On the downside, immediate support is observed at $1.2705, followed by supports at $1.2675 and $1.2644.

Technical indicators provide a moderately bullish outlook. The Relative Strength Index (RSI) is currently at 55, indicating that the pair is in neutral territory with a slight bias towards buying pressure.

The 50-Day Exponential Moving Average (EMA) is positioned at $1.2748, suggesting that the pair remains supported above this level.

In the current market scenario, the recommended entry price for a buy position is above $1.27605. Traders should set a take profit target at $1.28177, aligning closely with the pivot point, and place a stop loss at $1.27226 to manage potential downside risks.

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GBP/USD