European session, date: 07/15/2024
Introduction and overview
The GBP/USD pair saw a price gap open this week, which was covered after the first hours of the Asian session. With the second week closing at 1.2984 and the pair currently trading at 1.2980, it appears that the upward trend continues to take control, which reinforces bullish expectations in the coming days. The GBP/USD pair opened this week with a price gap, but this gap was quickly covered after hours of the Asian session. The pair closed the second week at 1.2984, while the highest price it reached during the week was 1.2989 and the lowest price was 1.2776. The GBP/USD pair is currently trading at 1.2980, a level that indicates a continuation of the upward trend. Prices remain above most moving averages, supporting the positive trend. In addition, the MACD indicator shows clear strength in the upward trend, which enhances traders’ confidence in the continuation of the rise.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2993 | 1.2963 |
| Point 1 (TP1) | First resistance: 1.3020 | First support: 1.2934 |
| Target Point 2 (TP2) | Second resistance: 1.3040 | Second support: 1.2900 |
| Stop Loss (SL) | 1.2963 | 1.2993 |
Conclusion
It is clear from the technical analysis that the GBP/USD pair continues the upward trend after covering the price gap that it witnessed at the opening of this week. With prices trading above most of the moving averages and the MACD indicator supporting the positive trend, the pair is expected to continue rising in the coming days. Traders are advised to carefully monitor developments and take advantage of expected trends to enhance their chances of trading success.
