GBPUSD Technical Analysis : Technical Analysis for GBP/USD – H1 Timeframe
The pair has witnessed a significant rise in recent trading after a sharp decline and has managed to break through important resistance areas, amid a clear improvement in upward momentum.
Technical Indicator Analysis
Moving Averages
Prices are currently trading above their short- and medium-term averages, with a clear upward slope reflecting the strength of the current upward movement.
MACD
Is giving clear positive signals with bars rising above the zero line, confirming the upward momentum.
Stochastic
Is currently in the overbought zone above the 70 level, indicating the possibility of a slight correction or fluctuation before the upward trend continues.
GBPUSD Technical Analysis : Possible Scenarios
Bullish Scenario
If trading continues above 1.3062, the price may head towards 1.3096 and then 1.3120.
Bearish Scenario
if we break below 1.3032, we may witness a decline towards 1.3011 and possibly 1.2965.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | GBPUSD |
| 1.30961 | 1.30329 | Entry point |
| First resistance: 1.31206 | First support: 1.30118 | Target Point 1 (TP1) |
| Second resistance 1.31406 | Second support 1.29918 | Target Point 2 (TP2) |
| 1.30329 | 1.30961 | Stop Loss (SL) |
The general trend for the pair has shifted upward after confirming the break of important resistance levels. The upward trend is likely to continue as long as the price remains above 1.3062, with a possible test of 1.3096 and 1.3120 in the coming sessions.
Technical Strategy: Buy with every correction towards key support levels
