GBPUSD Technical Analysis: Downward trend

GBPUSD Technical Analysis: The GBP/USD pair is trading in a downward trend during the current trading session, as it recorded its highest price at 1.2252 and its lowest price at 1.2154, to be currently traded at 1.2165. The pair shows a clear downward trend, as it is trading below the levels of the main moving average indicators, which reinforces expectations of continuing the downward pressure on the pair at the present time.

GBPUSD Technical Analysis: Technical analysis

Moving averages: Prices are currently trading below the main moving averages, which indicates that the general trend of the market is downward. Trading prices below these levels reflects a state of weakness in the upward momentum and increases the chances of a continued decline if this dynamic continues. If the pair breaks the 1.2150 level, the downward trend may become stronger and the pair will search for lower support levels.

MACD Analysis: MACD provides negative signals that support the current downtrend, as it shows a decline in bullish momentum and an increase in the strength of the negative trend. The indicator’s continued reading in the negative zone reinforces the idea that selling pressures may continue in the coming period.

Future Outlook:

The pair is expected to continue declining if trading is maintained below the moving averages, with the possibility of testing the next support levels near 1.2150 and 1.2100. If these levels are broken, the pair may head towards further declines.

GBPUSD Technical Analysis

Trading strategies based on Buy/Sell levels

GBPUSD In case of buying in case of selling
Entry point 1.2226 1.2122
Target Point 1 (TP1) First resistance: 1.2259 First support: 1.2077
Target Point 2 (TP2) Second resistance: 1.2270 Second support       : 1.2057
Stop Loss (SL) 1.2122 1.2226

 

Based on the current technical analysis, the downtrend remains dominant for the GBP/USD pair, especially with prices trading below the moving averages and supported by negative signals from the MACD indicator. It is important to monitor key support levels to determine the future trends of the pair.

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