European session, date: 07/17/2024
Introduction and overview
The pound dollar GBPUSD pair is trading at $1.3006, after witnessing a slowdown in the pace of trading between levels 1.2952 and 1.2990 since the beginning of the third week of July 2024. Despite this slowdown, the price is still moving above the intersections of the moving averages, with positive signals from the. (MACD) Since the beginning of the third week of July 2024, the pound-dollar pair has witnessed a slowdown in the trading pace, fluctuating between the levels of 1.2952 and 1.2990 dollars. This narrow range reflects a state of hesitation and waiting in the market. However, the price is currently trading at $1.3006, which is above the moving average crossings, indicating a continuation of the uptrend. The MACD indicator also indicates strength in the upward momentum, which enhances the possibilities of the current trend continuing.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.3020 | 1.2990 |
| Point 1 (TP1) | First resistance: 1.3040 | First support: 1.2966 |
| Target Point 2 (TP2) | Second resistance: 1.3060 | Second support: 1.2940 |
| Stop Loss (SL) | 1.2990 | 1.3020 |
Conclusion
Despite the noticeable slowdown in the narrow trading range, technical indicators show positive signs regarding the continuation of the upward trend in the GBP/USD pair. A break above $1.3006 remains an important signal to confirm this trend, while support at $1.2952 remains a crucial level to watch carefully.
