GBPUSD Technical Analysis: Bearish trend

GBPUSD Technical Analysis: At the beginning of this week, the GBP/USD pair is trading in a bearish trend, as the pair recorded its highest price so far at 1.23216 and the lowest price at 1.22455. Currently, the pair is trading at the level of 1.22878. Technical analysis shows that prices are trading below the moving averages, which reinforces the negative outlook in the market and indicates the continuation of the downtrend at the present time.

GBPUSD Technical Analysis: General trend analysis

The pair continues to move in a bearish range, reflecting the weakness of the buying momentum in the market. The pair’s continued trading below the moving averages indicates that sellers control the market, making the downtrend the most likely scenario in the short term.

Technical analysis

Moving averages: Prices are currently trading below the short-term and long-term moving averages, indicating continued selling pressure. If the pair continues to trade below these averages, the downtrend is expected to continue.

MACD Analysis: MACD is pointing to a negative trend, as the fast line continues to trade below the slow line, reinforcing expectations that the downtrend will remain in effect. The negative indicator crossover also reflects weak buying momentum, reinforcing the possibility of further decline.

Forecast for the Pound Today:

The pair is expected to remain under selling pressure in the upcoming sessions, if trading continues below the moving averages. Nearby support levels may be at 1.2240, and if broken, the decline may extend towards 1.2200. On the other hand, any upward attempt may find strong resistance at 1.2320.

GBPUSD Technical Analysis

Trading strategies based on Buy/Sell levels

GBPUSD In case of buying in case of selling
Entry point 1.23103 1.22624
Target Point 1 (TP1) First resistance: 1.23371 First support: 1.22413
Target Point 2 (TP2) Second resistance: 1.23531 Second support       : 1.22311
Stop Loss (SL) 1.22624 1.23103

 

Based on the moving averages and MACD analysis, the overall trend for the GBP/USD pair remains bearish in the short term. Selling pressure is expected to continue in the upcoming sessions, with key support and resistance levels to be monitored to identify future trading opportunities.

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