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

Daily Price Outlook

- GBP/USD struggles below the pivot at $1.23443, reinforcing a bearish outlook.

- Immediate support lies at $1.22704, with a break lower exposing $1.22151 and $1.21609.

- A move above $1.24064 could shift sentiment, but bearish pressure remains dominant.

The GBP/USD pair is trading at $1.23350, down 0.08%, as it hovers near critical support levels amid a cautious market sentiment.

The pivot point at $1.23443 serves as a key reference level for traders, with the pair struggling to sustain gains above it. A sustained move below this pivot could accelerate selling pressure, with immediate support at $1.22704, followed by further downside targets at $1.22151 and $1.21609.

The presence of the 50-day EMA at $1.22459 provides additional support, suggesting a potential slowdown in bearish momentum should the price approach this level.

On the upside, resistance levels are identified at $1.24064, $1.24540, and $1.25056. A break above these resistance levels could signal a reversal in sentiment, potentially attracting fresh buying interest.

However, given the current market dynamics, selling pressure is likely to dominate unless the pair manages to hold above $1.23443.

From a technical standpoint, GBP/USD remains under short-term bearish pressure, with the recommended sell entry below $1.23434.

A move toward the take-profit target of $1.22707 remains in play, with a stop-loss positioned at $1.23902 to manage risk effectively. Traders should remain vigilant to upcoming economic releases that could influence price action and shift momentum.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.23434

Take Profit – 1.22707

Stop Loss – 1.23902

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$727/ -$468

Profit & Loss Per Mini Lot = +$72/ -$46