GBPUSD Technical Analysis: The GBP/USD pair continues its decline this week, after closing last week on a decline. At the beginning of the week, the downward trend is clearly evident, as the pair recorded its highest price today at 1.3071 and the lowest price at 1.3038, and is currently trading at 1.3048.
GBPUSD Technical Analysis: Technical analysis
When analyzing the chart, we notice that prices are trading below the moving averages, which reflects the strength of the downward trend. The MACD indicator also shows the beginning of a strength in the downward trend, but it is important to note that the negative trend may be about to end, indicating the weakness of the sellers’ ability to control.
Strengths and weaknesses in the analysis:
- Strengths:
Clear downward trend in prices.
Confirmation of the trend by trading below the moving averages.
- Weaknesses:
The MACD indicator indicates the possibility of the end of the downward trend, which may mean an opportunity to rise.
The market may be affected by economic or political news that affects the price movement.
Forward Outlook:
We expect the downtrend to continue during the day, with the possibility of testing nearby support levels. Traders should be wary of any signals that may indicate a change in trend.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | GBPUSD |
| 1.3082 | 1.3028 | Entry point |
| First resistance: 1.3100 | First support: 1.3000 | Target Point 1 (TP1) |
| Second resistance: 1.3118 | Second support : 1.2970 | Target Point 2 (TP2) |
| 1.3028 | 1.3082 | Stop Loss (SL) |
Sellers continue to dominate, but investors should follow market developments carefully, as there may be opportunities for a trend change ahead.
