GBPUSD Technical Analysis: The GBP/USD pair is trading in a bearish trend today, as the pair witnessed a decline from its high during the day at 1.2870 to reach a low at 1.2792. Currently, the pair is trading at 1.2811, reflecting the continued negative pressure in the market. The pair seems to be on a clear downward path, as prices remain trading below the moving averages, which reinforces the hypothesis of the continuation of the downward trend in the short term.
GBPUSD Technical Analysis: Technical Analysis
- Moving Averages:
The current price action indicates the continuation of the negative pressure, as the pair is trading below the moving averages levels on short-term periods, which means that the market is currently under the control of sellers. If prices continue to remain below these averages, the downward trend is likely to continue during the upcoming sessions.
- MACD Indicator:
The MACD indicator is showing a clear negative signal, as it indicates the continuation of the bearish momentum in the market. This signal indicates a bearish crossover between the MACD line and the signal line.
which reinforces the hypothesis that the current trend is under the control of sellers and that the market movement may remain bearish in the short term.
- Overall Market Momentum:
The pair continues to show negative momentum in the short term with prices trading below technical support levels. The market is expected to remain in a bearish trend unless strong signals support the return of buyers appear.
Today’s Trading Outlook:
As the pair continues to trade below the 1.2850 resistance levels, the overall trend is expected to remain bearish in the coming hours. If the pair continues to decline, it may test the next support levels at 1.2780 or even 1.2750. On the other hand, if it manages to break the 1.2850 resistance level, we may witness an upward rebound towards 1.2900.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2838 | 1.2792 |
| Target Point 1 (TP1) | First resistance: 1.2859 | First support: 1.2766 |
| Target Point 2 (TP2) | Second resistance: 1.2869 | Second support : 1.2739 |
| Stop Loss (SL) | 1.2792 | 1.2838 |
The downtrend continues to dominate the GBP/USD pair, supported by prices trading below the moving averages and negative signals from the MACD indicator. Selling pressures are expected to remain dominant in the short term, with a possible test of lower support levels if the current trend continues.
