GBPUSD Technical Analysis: The GBP/USD pair is trading in a bearish trend today. The pair witnessed a decline from the highest price recorded for the day at 1.2663, reaching the lowest price at 1.2582, to currently trade at the level of 1.2593. This move reflects the prevailing bearish trend in the market, which is supported by several economic and technical factors.
GBPUSD Technical Analysis: Technical analysis
Moving averages:
The pair is currently trading below the main moving averages, which reinforces the negative outlook in the short term. This indicates the continuation of selling pressure on the pair and the possibility of continuing the decline if trading continues below these averages.
MACD indicator:
The MACD indicator is showing negative signals, with bearish crossovers confirming the bearish trend in the market. This reinforces the negative short-term outlook, indicating that the selling momentum is still present and may continue to pressure the pair towards lower levels.
Economic data:
The US decision to cut interest rates pushed the US dollar higher, which weighed on the pair and pushed it down. Also, today’s US unemployment data came in lower than expected, which further supported the dollar’s strength, as unemployment claims fell short of expectations.
Forward outlook:
The pair continues to trade below the moving averages, in addition to the negative signals from the MACD indicator, which reinforces expectations of a continuation of the downtrend in the short term. With the dollar supported by recent economic news, we are likely to see the pair continue to decline towards lower support levels.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2625 | 1.2576 |
| Target Point 1 (TP1) | First resistance: 1.2644 | First support: 1.2551 |
| Target Point 2 (TP2) | Second resistance: 1.2654 | Second support : 1.2532 |
| Stop Loss (SL) | 1.2576 | 1.2625 |
The pair remains in a downtrend supported by the US interest rate decision and US unemployment data.
in addition to the negative technical signals provided by the MACD indicator. The selling pressure on the pair is expected to continue if trading continues below the moving averages, which may push the pair further down in the near future.
