GBPUSD Technical Analysis: The GBP/USD pair is currently witnessing a weak bullish trading movement, as the pair retreated from its high today at 1.2605 to its low at 1.2541, and is currently trading at 1.2564. These movements indicate clear volatility in the market with a clear weakness in the upward momentum.
GBPUSD Technical Analysis: Technical Analysis
Moving Averages:
Technically, the pair is trading below the main moving averages, which reduces the chances of a continued rise. Trading below these averages indicates that there is selling pressure that may affect the weak upward trend, which enhances the possibility of an additional decline in prices if the pair continues to fail to exceed the resistance levels.
MACD Analysis:
MACD Indicator is showing positive but weak signals, as the indicator indicates low bullish momentum. This weakness in bullish strength reflects a swing in the current trend and means that the chances of a trend reversal remain if the weakness in momentum continues.
Today’s trading outlook:
The GBP/USD pair is expected to continue trading within a limited range amidst the weak uptrend. If the pair fails to return above the 1.2605 level, we may see a decline towards the support levels at 1.2540 or lower. If the upward momentum continues to weaken according to the MACD indicator, selling pressure on the pair may increase.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2594 | 1.2541 |
| Target Point 1 (TP1) | First resistance: 1.2613 | First support: 1.2515 |
| Target Point 2 (TP2) | Second resistance: 1.2625 | Second support : 1.2480 |
| Stop Loss (SL) | 1.2541 | 1.2594 |
The technical outlook for the GBP/USD pair remains weak in the short term, with the bullish trend expected to continue due to trading below the major moving averages and the apparent weakness in the MACD signals. Market developments should be monitored carefully, as a downward shift may be likely if the pair continues to face resistance at 1.2605.
