GBPUSD Technical Analysis: The GBP/USD pair continues to trade in a downward trend, as it witnessed a noticeable decline today. The pair fell from its highest level at 1.3092 to its lowest level at 1.3022, and is currently trading at 1.3071.
GBPUSD Technical Analysis Fundamental analysis:
The pair’s movement was affected by the issuance of important US economic data, including the Consumer Price Index, which came out positively for the dollar, which contributed to putting pressure on the pound. This data reflects the strength of the dollar and may further affect price movements in the coming periods.
Technical analysis:
By analyzing the chart, we find that prices are trading below the moving average indicators, which reinforces the confirmation of the downward trend. Despite the appearance of some weakness in the negative trend on the MACD indicator, the general downward trend is still in place.
Today’s trading forecast:
Based on current data, the GBP/USD pair is expected to continue its decline, with the need to monitor the main support and resistance levels during the upcoming trading.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | GBPUSD |
| 1.3122 | 1.3049 | Entry point |
| First resistance: 1.3153 | First support: 1.3010 | Target Point 1 (TP1) |
| Second resistance: 1.3169 | Second support : 1.2980 | Target Point 2 (TP2) |
| 1.3049 | 1.3122 | Stop Loss (SL) |
Analyses indicate that the downward trend of the GBP/USD pair will continue, but economic data should be followed carefully to assess its impact on the market.
