GBPUSD Technical Analysis: The GBP/USD pair continues to trade in a bearish trend during today’s sessions. The pair recorded a high of 1.24347 and a low of 1.23950, and is currently trading at 1.24197. These movements indicate clear selling pressures in the market, reflecting the strength of the prevailing downtrend.
GBPUSD Technical Analysis: Price Analysis and Trading
The pair is trading in a narrow range today, as it continues to fluctuate between the specified support and resistance levels. Despite slight upward attempts, prices are trading below the moving averages, which reinforces expectations of a continuation of the downtrend in the near term. The market is showing weak buying momentum, allowing selling forces to dominate price action.
Technical Analysis
Moving Averages: Prices continue to trade below the major moving averages, indicating a weak uptrend and supporting the negative outlook in the short term. This situation reinforces the hypothesis of the continuation of selling pressure on the pair at the present time.
MACD Indicator: The MACD indicator indicates a negative trend, as the signal line appears to be declining below the MACD line, reflecting the superiority of selling power over purchasing power. This decline reinforces the possibility of the continuation of the downward trend and is a signal to investors that this trend is likely to continue in the near term.
Future Outlook:
The pair is expected to remain in a bearish state during the coming period, especially in light of the continued pressure of the moving averages on prices. We may see further decline towards nearby support levels such as 1.23950 or lower, in case selling pressure continues. At the same time, market developments and MACD readings should be monitored to ensure the continuation of the trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.24404 | 1.24018 |
| Target Point 1 (TP1) | First resistance: 1.24563 | First support: 1.23825 |
| Target Point 2 (TP2) | Second resistance: 1.24672 | Second support : 1.23689 |
| Stop Loss (SL) | 1.24018 | 1.24404 |
The downtrend in GBP/USD seems to be dominant in the short term. It is important to monitor price action near key support levels, especially at 1.2400 and 1.2350, as well as MACD and moving average signals that support the bearish outlook.
