GBPUSD Technical Analysis: The GBP/USD pair is moving in a bearish trend today, showing clear selling pressure amid the US dollar’s dominance. This performance reflects market concerns about economic or political factors affecting the British pound, pushing the pair towards critical support levels.
GBPUSD Technical Analysis: Price Action Analysis
The pair recorded a daily high of 1.29316, before falling to a low of 1.28337, indicating a volatile trading range with sellers dominating. The pair is currently trading at 1.28845, attempting to consolidate a downward movement below key resistance levels. The price’s decline below the major moving averages reinforces the bearish scenario, suggesting a potential continuation of the decline if buyers fail to regain control.
Technical Analysis Using Indicators:
- Moving Averages: The pair is trading below the short- and long-term moving averages, confirming the dominance of the downtrend. The moving average forms a dynamic resistance that may reinforce selling pressure if the price approaches it.
- MACD Indicator: The indicator is showing negative signals, with the signal line crossing downwards and the momentum zone below the zero level, reinforcing the possibility of a continued decline. This indicates strong selling momentum, especially if accompanied by increased trading volume.
Trading Expectations:
With the pair continuing to trade below the moving averages and the MACD indicator showing negative signals, the technical outlook favors a continued decline toward the next support level around 1.28591, with a possible test of 1.28246 if the current levels are broken. On the other hand, any upward correction will face initial resistance at 1.29316, followed by 1.29551.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.29316 | 1.28591 |
| Target Point 1 (TP1) | First resistance: 1.29551 | First support: 1.28246 |
| Target Point 2 (TP2) | Second resistance: 1.29647 | Second support : 1.29072 |
| Stop Loss (SL) | 1.28591 | 1.29316 |
The pair is showing clear weakness with sellers dominating, supported by negative technical signals. Traders are advised to be cautious of any unconfirmed upward attempts, focusing on support levels as selling targets. It is preferable to wait for confirmation of a continued decline or a reversal before making new trading decisions, while applying effective risk management.
