European session, date: 07/05/2024
Introduction and overview
The Pound/US Dollar (GBP/USD) pair opened the first week at 1.2648, and its highest price so far was 1.2776, and the lowest price it has reached so far is the 1.2614 area. Which indicates that the price of the pound has increased by an estimated 162 points so far. Below is a technical analysis of the GBP/USD pair based on currently available data. The pair is currently trading at $1.2768. Data indicates that prices are trading above most moving average crossings, indicating weakness in the uptrend. The MACD indicator shows a positive trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2780 | 1.2755 |
| Point 1 (TP1) | First resistance: 1.2805 | First support: 1.2725 |
| Target Point 2 (TP2) | Second resistance: 1.2830 | Second support: 1.2700 |
| Stop Loss (SL) | 1.2755 | 1.2780 |
Conclusion
Analysis of the GBP/USD pair for this week shows a significant price increase of 162 pips. The pair is currently trading at $1.2768, with prices continuing to trade above most of the moving average intersections, reflecting relative weakness in the upside. Despite this, the MACD indicator is showing a positive trend, which may indicate potential upside opportunities. Traders are advised to carefully monitor technical levels and determine appropriate entry and exit points based on technical signals and ongoing market movements.
