European session, date: 07/03/2024
Introduction and overview
The Pound/US Dollar pair (GBP/USD) opened the year 2024 at a price of 1.2731, and its highest price was 1.2892 in March, and its lowest price reached so far is the 1.2298 area in April. Both prices, whether the highest price or the lowest price, have not been broken yet. Below is a technical analysis of the GBP/USD pair based on currently available data. The pair is currently trading at $1.2694. Data indicates that prices are trading above most moving average crossings, indicating weakness in the uptrend. The MACD indicator shows a positive trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2713 | 1.2684 |
| Point 1 (TP1) | First resistance: 1.2735 | First support: 1.2649 |
| Target Point 2 (TP2) | Second resistance: 1.2760 | Second support: 1.2620 |
| Stop Loss (SL) | 1.2684 | 1.2713 |
Conclusion
In light of the technical analysis of the GBP/USD pair, we can notice that the general trend of the pair shows weakness in the upward direction despite the positive data of the MACD indicator. Close monitoring of economic and political factors will continue to influence the pair’s movements in the coming periods, which calls for caution and anticipation from investors. New data and changes in financial markets will help us adjust expectations and strategies according to changing conditions.
