European session, date: 07/02/2024
Introduction and overview
GBP/USD The pair has been experiencing price fluctuations, passing through a consolidation zone since late July. It trades between the 1.2683 and 1.2617 areas, and this pair reflects the relationship between the British economy and the American economy. This pair is considered highly susceptible to economic and political events in both countries. Below is a technical analysis of the GBP/USD pair based on currently available data. The pair is currently trading at $1.2628. Data indicates that prices are trading below most moving average crossings, indicating weakness in the uptrend. The MACD indicator is showing a negative trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2633 | 1.2618 |
| Point 1 (TP1) | First resistance: 1.2651 | First support: 1.2600 |
| Target Point 2 (TP2) | Second resistance: 1.2670 | Second support: 1.2580 |
| Stop Loss (SL) | 1.2618 | 1.2633 |
Conclusion
The GBP/USD pair continues to move within a consolidation range between the 1.2683 and 1.2617 areas, affected by economic and political fluctuations in both the United Kingdom and the United States. Current technical analyzes indicate a weakness in the upward trend, with prices continuing to trade below most of the moving average crossings, and negative signals emerging from the MACD indicator. It is important to monitor future developments in both economies to assess the pair’s trends in the coming period.
