GBPUSD Technical Analysis: The GBP/USD pair is trading today at the beginning of a downtrend, with the pair recording its highest trading price so far at 1.29531 and its lowest at 1.29132. The pair currently stands at 1.29349. The overall market is showing selling pressure, reflecting declining purchasing power and supporting the downtrend.
GBPUSD Technical Analysis: Technical Analysis
Technically, the pair is trading below the short- and long-term moving averages, reinforcing the downtrend and showing weak upward momentum. The MACD indicator also indicates a negative trend, reflecting continued selling pressure and strengthening the likelihood of the pair moving downward in the near term.
Current Prices and Trading Levels:
The GBP/USD pair is currently trading between 1.29627 and 1.29132. With prices trading below the moving averages, the pair is showing signs of weakness in the uptrend, making a downtrend more likely in the coming period.
Future Outlook:
If selling pressure continues and the pair begins to decline below the current support level at 1.29132, we may witness further declines towards lower support levels, possibly between 1.28861 and 1.28721. Conversely, in the event of an upward rebound from these levels, the pair may face strong resistance at 1.29627 or higher.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.29627 | 1.29132 |
| Target Point 1 (TP1) | First resistance: 1.29818 | First support: 1.28861 |
| Target Point 2 (TP2) | Second resistance: 1.29901 | Second support : 1.28721 |
| Stop Loss (SL) | 1.29132 | 1.29627 |
Technical analysis indicates that the GBP/USD pair is trading at the beginning of a downtrend, with prices trading below the moving averages and a negative MACD signal. Under current conditions, the downtrend remains likely to continue, and traders should monitor key support and resistance levels to better determine the future direction.
