European session, date: 07/29/2024
introduction
GBPUSD Technical analysis. The GBPUSD pair witnessed a noticeable downward trend during the fourth week of July 2024. The pair started the week at $1.2915 and closed at $1.2872, reflecting a decrease of about 33 points. The pair recorded a high of $1.2940 and a low of $1.2845. In this GBPUSD technical analysis, we will take a look at the pair’s performance during the past week and the factors that influence its current trend.
Overview
The GBPUSD pair opened the fourth week of July 2024 at $1.2915, reached a high of $1.2940 and a low of $1.2845, and closed at $1.2872. This performance reflects a decline of about 33 pips during the week, indicating a slowdown in the price action of the pair. The pair opened this week at $1.2866 and is currently trading at $1.2818, highlighting the continuation of the downtrend.
The GBPUSD price is trading below most of the moving averages, reinforcing the negative outlook for the pair. In addition, the MACD indicator indicates the strength of the downtrend, which increases the likelihood of a continued decline in the price in the short term.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2826 | 1.2797 |
| Point 1 (TP1) | First resistance: 1.2856 | First support: 1.2763 |
| Target Point 2 (TP2) | Second resistance: 1.2980 | Second support: 1.2733 |
| Stop Loss (SL) | 1.2797 | 1.2826 |
Conclusion
With the downtrend continuing and the price trading below most of the moving averages, the GBP/USD pair appears to remain under selling pressure in the near future. Traders are advised to monitor key technical levels, technical signals and economic reports related to the USD and GBP that may support this trend. Utilizing fundamental and technical analysis will be essential to make informed trading decisions to get a clearer picture of the pair’s future direction. And ensure achieving the best possible returns.
