Daily Price Outlook

- Bearish Sentiment: GBP/USD struggles below $1.24915, maintaining downward pressure.

- Key Support Levels: Immediate support at $1.24281; break below may target $1.23780.

- Resistance Zones: Watch resistance at $1.25229 and $1.25629, capping potential rebounds.

The GBP/USD pair is trading at $1.24667, down 0.09%, reflecting a cautious bearish sentiment as it struggles below the pivot point at $1.24915. The pair’s inability to maintain momentum above this level suggests sustained selling pressure.

Immediate resistance is noted at $1.25229, with additional barriers at $1.25629 and $1.26212. A break above these resistance levels could signal a potential shift toward a bullish outlook.

On the downside, immediate support is seen at $1.24281. A decisive move below this threshold could accelerate bearish momentum, targeting $1.23780 and potentially $1.23236. The 50-day Exponential Moving Average (EMA) at $1.24131 acts as a dynamic support, reinforcing the bearish bias if breached.

Technical indicators suggest a weak bullish recovery, with sellers maintaining control unless the pair closes firmly above the pivot point of $1.24915. The consistent formation of lower highs and lower lows on the 4-hour chart indicates bearish dominance.

Traders should closely monitor price action around $1.24901. A sustained break below this level offers a selling opportunity, with profit targets near $1.24275. A stop-loss above $1.25232 is recommended to manage potential reversals effectively.

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

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.24901

Take Profit – 1.24275

Stop Loss – 1.25232

Risk to Reward – 1:1.8

Profit & Loss Per Standard Lot = +$626/ -$331

Profit & Loss Per Mini Lot = +$62/ -$33

GBP/USD

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