GBP/USD: Targeting 1.2707 on a Bounce

Market Pulse

GBP/USD currently stuck in a sideways grind. Trading around 1.26611, it's been bouncing between 1.26445 and 1.26777 today. While the overall trend is sideways, I see a potential scalp opportunity here for a quick move higher as it pulls back from the day's high. The 1.2645 support level held strong earlier.

Scalp Setup

I'm looking for a long entry on GBP/USD at 1.2657. This targets a retest of higher resistance. My technical read suggests a short-term bounce is due, especially with some underlying USD weakness observed across the board. The 1.2678 resistance is the immediate hurdle, but I'm aiming higher.

Risk Management

My stop loss is tight at 1.2637, just below that 1.2645 support. If it breaks there, the setup is invalid. Take Profit is set at 1.2707, aiming for the next key resistance at 1.27. Aggressive play, but the risk-reward is there. Watching closely.