GBPUSD Technical Analysis: Today, the GBP/USD pair is trading in a bearish trend, with a session high of 1.30134 and a low of 1.29350. Currently, the pair is trading near lower levels, reflecting ongoing selling pressure on the pair.
GBPUSD Technical Analysis: Technical Analysis
Using Moving Averages:
Price action appears to be trading below the major moving average levels, reinforcing the possibility of a short-term downtrend. This situation is a strong indication of the dominance of selling forces, as the moving averages act as dynamic resistance levels. This trading below the averages suggests that the pair may target lower support levels in the coming period, especially if it fails to reclaim nearby resistance levels.
MACD Analysis:
The MACD indicator supports the current downtrend, showing negative signals with the signal line below the MACD line, in addition to strong selling energy in the negative territory. This reflects strong bearish momentum that could continue to push the pair lower, especially if negative signals persist. A negative MACD crossover indicates that sellers are currently in control of the market.
GBP/USD Trading Outlook:
Given the current selling dominance, pressure on the GBP/USD pair can be expected to continue, with a potential test of the nearby support level at 1.29621. If this level is broken, the pair could head towards deeper support levels at 1.29488. Conversely, if the pair regains its strength and breaks the resistance level at 1.29845, it could see a temporary recovery towards 1.29938. However, the overall trend remains bearish for now.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.29845 | 1.29621 |
| Target Point 1 (TP1) | First resistance: 1.29938 | First support: 1.29488 |
| Target Point 2 (TP2) | Second resistance: 1.30010 | Second support : 1.29251 |
| Stop Loss (SL) | 1.29621 | 1.29845 |
Technical analysis of the GBP/USD pair indicates a bearish trend, supported by prices trading below the moving averages and negative MACD signals. Therefore, traders should monitor nearby support levels, such as 1.29621, as the pair may test these levels if selling pressure persists. It is also advisable to monitor any changes in technical indicators or economic news that could influence the market direction.
