European session, date: 07/09/2024
Introduction and overview
Since the beginning of the second week, the GBP/USD pair has been trading in a consolidation range between 1.2748 and 1.2829 levels. In this technical analysis, we will review the current performance of the pair based on available data. The pair is currently trading at $1.2802, and technical indicators indicate weakness in the general trend, which prompts us to further analysis and expectations for the coming period. The data indicates weakness in most of the moving average intersections, which reflects a weak trend. The MACD indicator also shows a weakness in the strength of the negative trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2817 | 1.2785 |
| Point 1 (TP1) | First resistance: 1.2835 | First support: 1.2765 |
| Target Point 2 (TP2) | Second resistance: 1.2855 | Second support: 1.2735 |
| Stop Loss (SL) | 1.2785 | 1.2817 |
Conclusion
As the GBP/USD pair continues to trade in a narrow range between 1.2748 and 1.2829, technical data highlights weakness in moving average crossovers and weakness in the positive MACD indicator. This indicates the possibility of sideways trading continuing in the coming period, which calls on investors to closely monitor the market and analyze potential changes in technical and fundamental trends to identify appropriate trading opportunities.
