European session, date: 07/30/2024
introduction
GBPUSD Technical analysis. The GBPUSD pair experienced bearish trading in the fourth week of July 2024, starting the week at $1.2915 and closing at $1.2872, a decrease of 33 pips. Despite the slow price action, the downtrend continued. At the beginning of the current week, the pair opened at $1.2866 and is currently trading at $1.2859. In this GBPUSD Technical analysis, we will review the current developments of the pair and the factors influencing its direction.
Overview
Last week, the GBPUSD pair recorded a high of $1.2940 and a low of $1.2845, closing the week at $1.2872. Despite the slowdown in price action, the overall trend remains bearish. The pair started the week at $1.2866 and is currently trading at $1.2859.
Today, the GBPUSD pair is trading above most of its moving averages, which could indicate some technical support. In addition, the MACD indicator is showing a weakening in the strength of the downtrend, which reflects the possibility of reducing selling pressure on the pair.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2866 | 1.2847 |
| Point 1 (TP1) | First resistance: 1.2892 | First support: 1.2813 |
| Target Point 2 (TP2) | Second resistance: 1.2920 | Second support: 1.2783 |
| Stop Loss (SL) | 1.2847 | 1.2866 |
Conclusion
With the GBPUSD pair trading above most of its moving averages and the selling momentum weakening, the pair could see some stability or slight improvement. It is essential to monitor key technical levels and signals that may support or reverse the current trend. Relying on fundamental and technical analysis will help traders make informed trading decisions to ensure the best possible returns.
