GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Channel Trend Holds: Price remains within ascending channel, targeting higher resistance at 1.3412.
- Overbought RSI: At 81.64, suggests possible near-term retracement.
- SMA Supports Trend: 50-SMA at 1.3262 provides a reliable support base for buyers.
GBP/USD continues to trade within a well-defined ascending channel and recently surged above the 1.3350 resistance area. The pair is now consolidating near 1.3412 — a key horizontal level — after rejecting the upper boundary of the channel. Price action remains bullish as long as support at 1.3352 holds.
The 50-period SMA at 1.3262 continues to trend upward, confirming strong bullish structure. However, the RSI is now at 81.64, indicating overbought conditions that could trigger a short-term pullback or consolidation before another leg higher.
The entry zone at 1.3352 aligns with the mid-channel support and could attract dip buyers. A bounce from this level would target 1.3412 initially, followed by 1.3458 if bullish momentum continues. A breakdown below 1.3308 would negate the setup and shift short-term bias.
GBP/USD - Trade Ideas
Entry Price – Buy Limit 1.33522
Take Profit – 1.34127
Stop Loss – 1.33078
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$605/ -$444
Profit & Loss Per Mini Lot = +$60/ -$44
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