GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- GBP/USD holds above the $1.24239 pivot, supporting a bullish outlook.
- Immediate resistance at $1.25064; a breakout could push the pair toward $1.25637.
- 50-day EMA at $1.24238 provides key support, keeping buyers in control.
The GBP/USD pair is extending its gains, trading at $1.24555, up 0.13%, as it tests key technical levels. The pair remains above the pivot point at $1.24239, signaling a potential bullish continuation.
The 50-day EMA at $1.24238 serves as near-term support, reinforcing the upward trend. If buyers maintain control, the next resistance levels stand at $1.25064, followed by $1.25637 and $1.26131.
A sustained move above $1.24232 supports further gains, with a breakout above $1.25064 likely triggering additional upside momentum.
However, failure to hold above the pivot could expose the pair to immediate support at $1.23777, with deeper pullbacks toward $1.23016 and $1.22461 if selling pressure intensifies.
Macroeconomic factors, including U.S. economic data and Bank of England policy expectations, will play a crucial role in shaping the near-term direction.
If the U.S. dollar weakens on dovish Federal Reserve signals, GBP/USD could continue climbing. Conversely, stronger U.S. data could stall the rally.
Traders may consider a buy position above $1.24232, targeting $1.25069, with a stop-loss at $1.23777 to manage downside risks.
GBP/USD - Trade Ideas
Entry Price – Buy Above 1.24232
Take Profit – 1.25069
Stop Loss – 1.23777
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$837/ -$455
Profit & Loss Per Mini Lot = +$83/ -$45
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