GBPUSD Technical Analysis: The GBP/USD pair continues to trade in a bearish trend today, as the pair recorded its highest price in the current session at 1.2489 and the lowest price at 1.2317. At the moment, the pair is trading at the level of 1.2326, indicating that selling pressure continues. Current technical indicators indicate that the general trend of the market remains bearish.
GBPUSD Technical Analysis: Analysis of Trading Prices
The pair witnessed moderate movements during the day, as it traded between the level of 1.2489 as a high price and the level of 1.2317 as a low price. Currently, it is trading at 1.2326, which reflects the continued selling pressure, especially after prices touched the low levels in the current session. This indicates the inability of buyers to push prices higher, with the market preferring negative movements.
Technical Analysis:
- Moving Averages: Prices are trading below the moving average indicators, which clearly reflects the bearish trend of the market. When the pair trades below the moving averages, it indicates that sellers are in control of the market, and reinforces the idea of a continuation of the downtrend.
- MACD Indicator: The MACD indicator shows a negative signal, as the MACD line is trading below the signal line, reflecting weak buying momentum and ongoing selling pressure. This reinforces expectations that the downtrend may continue in the near term.
Trading Expectations:
According to the technical analysis and current metrics, the pair is likely to continue its downtrend in the coming hours. If the price continues to decline, the next support levels may be near 1.2300, which is an important psychological level. If the pair breaks this support, we may witness further declines towards lower levels. On the other hand, in the event of an upward rebound, it requires breaking the 1.2400 resistance to change the prevailing trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2390 | 1.2274 |
| Target Point 1 (TP1) | First resistance: 1.2430 | First support: 1.2217 |
| Target Point 2 (TP2) | Second resistance: 1.2440 | Second support : 1.2180 |
| Stop Loss (SL) | 1.2274 | 1.2390 |
Based on current technical indicators, such as trading below the moving averages and the MACD turning negative, the GBP/USD pair is expected to continue its downward trend. For now, it is preferable to follow the key support and resistance levels at 1.2300 and 1.2400 to determine the next trading path.
