GBPUSD Technical analysis: A look at the performance of sterling against the US dollar in July 2024


European session, date: 07/08/2024

Introduction and overview

The GBP/USD pair opened the second week of July 2024 at 1.2807. In this technical analysis, we review the current performance of the pair based on available data. The pair is currently trading at $1.2807. Current data indicates that prices are showing weakness at most moving average intersections, which suggests weakness in the general trend. The MACD indicator also shows weakness in the positive trend, which reflects challenges in the pair’s upward momentum at the moment.

GBPUSD Technical analysis

Trading strategies based on Buy/Sell levels

GBPUSD In case of buying in case of selling
Entry point 1.2780 1.2755
Point 1 (TP1) First resistance: 1.2805 First support:   1.2725
Target Point 2 (TP2) Second resistance: 1.2830 Second support: 1.2700
Stop Loss (SL) 1.2755 1.2780



Based on the current data, it appears that the GBP/USD pair is having some difficulties in maintaining a strong positive trend, as shown by the moving average crosses and the weakness of the MACD indicator. This suggests that upward momentum may be limited at the moment, warranting caution for investors. Tracking market developments and economic news will be essential to making informed trading decisions in the coming weeks.

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