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.
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 |
Conclusion
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.
