GBPUSD Technical analysis: Sideways and downward pressure

GBPUSD Technical Analysis: Current Trends and Predictions

The GBPUSD pair is currently trading in a sideways trend within a narrow range. The support level stands at 1.2910, and the resistance level is at 1.2925.

GBPUSD Analysis Overview

Currently, the pound-dollar price is trading at $1.2911. The GBPUSD Technical analysis of the pair indicates that that trading is below most moving average crossovers, reflecting weak purchasing power. The MACD indicator also shows strength in the downward trend, suggesting continued downward pressure. If the support level of 1.2910 breaks, further price declines are likely. Conversely, breaking the resistance level of 1.2925 could lead to price increases.

GBPUSD Technical analysis

GBPUSD Trading strategies based on Buy/Sell levels

GBPUSD In case of buying in case of selling
Entry point 1.2930 1.2905
Point 1 (TP1) First resistance: 1.2955 First support:   1.2880
Target Point 2 (TP2) Second resistance: 1.2980 Second support: 1.2850
Stop Loss (SL) 1.2910 1.2940

Conclusion

Based on current technical analysis, traders are advised to carefully monitor the mentioned support and resistance levels. A break of any of these levels may determine the future direction of the pair. You should also pay attention to other technical indicators and market updates to make the best trading decisions.

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