GBPUSD Technical Analysis: The GBP/USD pair is trading in a weak downtrend today, as the pair recorded a low of 1.2882 and rose to a high of 1.2965, with current trading at 1.2963. This movement indicates the market’s response to recent economic data.
GBPUSD Technical Analysis: Price Analysis
After the negative US non-farm payrolls report, the dollar witnessed a significant decline, which helped the pound rise. The pair’s trading above the moving averages reflects a strong move towards the positive direction.
Technical Analysis
The MACD indicator shows the end of the negative trend, which enhances the chances of a turn to the positive direction. This situation reflects an improvement in momentum, which may support further price increases.
Trading Outlook
Based on technical and fundamental analysis, the pair is expected to continue moving upwards if the dollar continues to weaken. If the pressure on the dollar continues, we may see further rise towards higher levels.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | GBPUSD |
| 1.2979 | 1.2932 | Entry point |
| First resistance: 1.3000 | First support: 1.2918 | Target Point 1 (TP1) |
| Second resistance: 1.3020 | Second support : 1.2900 | Target Point 2 (TP2) |
| 1.2932 | 1.2979 | Stop Loss (SL) |
The GBP/USD pair is showing positive signs with trading above the moving averages and the MACD indicator ending its negative trend. Investors should follow the upcoming economic data, as it can significantly affect the market movement.
