GBPUSD Technical Analysis: The GBP/USD pair is trading in a downward trend today, with continuing selling pressures.
GBPUSD Technical Analysis pair Price levels:
- Today’s high: 1.3175
- Today’s low: 1.3084
- Current price: 1.3110
Technical analysis:
- Moving averages: Prices are still trading below the averages, indicating the continuation of the downward trend.
- MACD indicator: The strength of the negative trend has begun to appear after a period of weakness, which reinforces expectations of a continued decline.
Strengths and weaknesses:
- Strengths:
The pair’s decline came as a result of positive US economic data, which reinforces the strength of the dollar.
Returning to trading below the moving average indicators supports the continuation of the downward trend.
- Weaknesses:
Despite the decline, there are signs of weakness in the downward strength before the data is released, indicating the possibility of future fluctuations.
Outlook:
- Selling pressure is expected to continue throughout the day, especially in light of the positive economic data for the dollar. Any signs of a change in trend or new volatility should be monitored.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | GBPUSD |
| 1.3175 | 1.3080 | Entry point |
| First resistance: 1.3208 | First support: 1.3030 | Target Point 1 (TP1) |
| Second resistance: 1.3219 | Second support : 1.3008 | Target Point 2 (TP2) |
| 1.3080 | 1.3175 | Stop Loss (SL) |
As the downward pressures continue, traders should remain cautious and rely on technical indicators to determine entry and exit points. Following economic news will help in making informed trading decisions.
