European session, date: 07/24/2024
introduction
The pound dollar GBPUSD pair is trading at a weak pace, following a continuous downward trend. With the GBPUSD price slowly declining, it appears that selling pressure is still affecting the pair. In this technical analysis, we will review the factors affecting the current movement of the British pound and forecast possible scenarios for the coming days.
Overview
The British pound is currently trading at $1.2887, a level that reflects weak upward momentum and a continuation of the downward trend. The pair is moving below most of the moving averages, indicating sellers are dominating the market. In addition, the MACD indicator is showing a negative signal that supports the continuation of the downtrend, which increases the possibility of further decline in the price.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2899 | 1.2865 |
| Point 1 (TP1) | First resistance: 1.2930 | First support: 1.2835 |
| Target Point 2 (TP2) | Second resistance: 1.2960 | Second support: 1.2805 |
| Stop Loss (SL) | 1.2865 | 1.2899 |
Conclusion
As the bearish trend continues and the upward momentum weakens, it appears that the GBP/USD will remain under selling pressure in the near future. Traders are advised to monitor key technical levels and economic reports related to the US Dollar and the British Pound to get a clearer picture about the future direction of the pair. Careful monitoring of price movements and technical signals will be crucial to making informed trading decisions.
