European session, date: 07/22/2024
Introduction and overview
The GBP/USD pair opened the third week of July 2024 at $1.2977, witnessing a volatile week in which it ranged between highs of $1.3043 and lows of $1.2899. With the week closing at $1.2909, the pair’s technical performance remains the focus of analysts and investors’ attention. The GBP/USD pair witnessed notable fluctuations during the third week of July, as it opened with a small upward price gap of 6 points at the level of $1.2915 at the beginning of the last week of the month. Despite this bullish opening, the pair is currently trading at $1.2925, reflecting the pair’s weak performance at most moving average crossovers. Technically, the MACD analysis shows weakness in the downtrend, indicating the possibility of continued downward pressure on the pair in the coming days. In addition, the decline in relative strength in the moving averages reflects additional challenges that the pair may face in its attempt to achieve additional gains.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2940 | 1.2910 |
| Point 1 (TP1) | First resistance: 1.2968 | First support: 1.2880 |
| Target Point 2 (TP2) | Second resistance: 1.2995 | Second support: 1.2850 |
| Stop Loss (SL) | 1.2910 | 1.2940 |
Conclusion
Based on the current technical data, the GBP/USD pair is expected to face strong resistance in its attempt to rise. As technical indicators remain weak, traders should be cautious and monitor future developments closely. The last week of July 2024 remains crucial to determine the future direction of the pair.
