European session, date: 06/26/2024
Introduction and overview
In this GBP/USD technical analysis, we will review the currency pair, where we will address the most prominent price trends, critical technical levels, and current trading patterns. We will rely on a set of technical tools and indicators to provide an integrated and comprehensive view of the performance of this pair in the market, which helps traders make decisions based on accurate analysis. The pair is currently trading at $1.2681. With weakness appearing in most of the moving average intersections, which indicates weakness in the upward trend. The MACD indicator shows a weak positive trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2703 | 1.2659 |
| Point 1 (TP1) | First resistance: 1.2725 | First support: 1.2630 |
| Target Point 2 (TP2) | Second resistance: 1.2750 | Second support: 1.2610 |
| Stop Loss (SL) | 1.2673 | 1.2698 |
Conclusion
These strategies depend on the price’s location relative to support and resistance levels and suggest the best ways to profit from price movements based on support and resistance indicators. Traders should carefully monitor these levels to identify appropriate opportunities to enter and exit the market, while maintaining appropriate risk management strategies to protect their investments
