GBPUSD Technical Analysis :The GBP/USD pair continues to trade today within a weak downtrend, as the pair witnessed a noticeable upward movement after recording its lowest price today at 1.2874, to reach its highest level so far at 1.2973. Currently, the pair is trading at 1.2960, reflecting limited fluctuation within a narrow range, with signs of increasing bullish momentum.
GBPUSD Technical Analysis :General Market Analysis
Although the general trend of the pair during the day remains weakly bearish, the current price movements indicate the beginning of an upward correction that may reflect the weakness of the negative trend. The market continues to deal with a state of balance between selling and buying forces, which makes it difficult to determine a clear direction in the short term without monitoring some technical indicators.
Technical Analysis:
- Moving Averages: The pair is currently trading above the moving average levels on the chart, which enhances the possibility of continuing the bullish trend in the near term. This signal indicates that the bullish momentum may remain dominant, or at least limit the strength of the current downtrend.
- MACD Indicator: The MACD indicator shows a significant decline in negative momentum, as the distance between the lines has decreased significantly, indicating that the downtrend is on its way to ending. This decline in negativity enhances the chances of a turn to the positive trend in the coming hours, with the possibility of retesting higher resistance levels.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2971 | 1.2939 |
| Target Point 1 (TP1) | First resistance: 1.2988 | First support: 1.2929 |
| Target Point 2 (TP2) | Second resistance: 1.2999 | Second support : 1.2919 |
| Stop Loss (SL) | 1.2939 | 1.2971 |
The GBP/USD pair reflects the weakness of the downtrend, with signs of a possible upward correction in the coming period. It is important to follow the levels of 1.2950 and 1.2973 as crucial indicators to follow the next direction of the pair. If the pair continues to trade above these levels, further rise towards 1.3000 can be expected.
