European session, date: 07/10/2024
Introduction and overview
The GBP/USD pair continues to trade slowly even after breaking out of the consolidation trend. However, signs of a bullish start are starting to appear for the pair’s trading, the current performance of the pair based on available data. The pair is currently trading at $1.2798, with the pound trading above most of the moving average intersections. This indicates an improvement in the strength of the uptrend. In addition, the MACD indicator shows the end of the negative trend, which enhances the odds of the uptrend continuing in the near future.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2815 | 1.2783 |
| Point 1 (TP1) | First resistance: 1.2843 | First support: 1.2758 |
| Target Point 2 (TP2) | Second resistance: 1.2875 | Second support: 1.2733 |
| Stop Loss (SL) | 1.2783 | 1.2815 |
Conclusion
In conclusion, it seems that the GBP/USD pair is starting to regain its strength after a period of sideways trading. With clear bullish signals from price action above the moving averages and the end of the negative trend according to the MACD indicator, we could see further rises in the price of the pair. It remains necessary to follow economic developments and other technical indicators to confirm this trend and determine the optimal entry and exit points.
