European session, date: 07/19/2024
Introduction and overview
During the third week of July 2024, the GBP/USD pair witnessed noticeable price movements, as it started the week at the level of $1.2977. The pair recorded its highest price at $1.3043 and its lowest price at $1.2921. These movements reflect market dynamics and provide an opportunity for technical analysis to determine current trends and future forecasts. This week, the GBP/USD has seen strong fluctuations, with the price rising on Wednesday from 1.2964 to 1.3043, equivalent to approximately 79 pips in a very short time. This rise was followed by a gradual decline at the beginning of the Asian session the next day. The pair is currently trading at $1.2926, below most moving average crossovers. The MACD indicator indicates selling force, indicating a continuation of the downtrend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2934 | 1.2913 |
| Point 1 (TP1) | First resistance: 1.2965 | First support: 1.2880 |
| Target Point 2 (TP2) | Second resistance: 1.2995 | Second support: 1.2850 |
| Stop Loss (SL) | 1.2913 | 1.2934 |
Conclusion
The recent price movements of the GBP/USD pair during the third week of July 2024 reflect the volatility and instability in the market. It is important for traders to follow technical indicators such as MACD and moving averages to understand future trends and make informed trading decisions. The current situation indicates that the downward trend may continue, which calls for caution and a well-thought-out trading strategy.
