GBPUSD Technical Analysis: The GBP/USD pair is trading in a weak downtrend today, with a daily high of 1.29584 and a low of 1.28993. The pair is currently trading at 1.29538, reflecting a narrow range of volatility. Technical analysis shows that prices are currently trading above the moving averages, supporting the idea that an uptrend may be more likely in the short term, despite the continued weak downward pressure.
GBPUSD Technical Analysis: Technical Analysis for the GBP/USD pair
- Moving Averages: Prices are currently trading above the major moving averages, indicating a weakening of the current downtrend. This opens the door to the possibility of upward corrective movements in the coming hours.
- MACD Indicator: The MACD indicator is showing a weak negative signal, indicating that the downtrend in the pair is still intact, but not strong enough to sustain a sharp decline. Therefore, the pair is expected to remain volatile with limited downside potential.
- Future Outlook:
The GBP/USD pair is expected to continue trading within a narrow range, with the potential for slight upward corrections if the pair maintains its trading above the moving averages. If weak downside pressure persists, the pair may witness further slight declines towards support levels.
Short-Term Technical Analysis and Forecast:
In the short term, the GBP/USD pair is expected to remain volatile within a narrow range, with the potential for some gains if trading continues above 1.29622. If the pair manages to break above 1.29735, it may head towards further gains.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.29622 | 1.29396 |
| Target Point 1 (TP1) | First resistance: 1.29735 | First support: 1.29308 |
| Target Point 2 (TP2) | Second resistance: 1.29942 | Second support : 1.29201 |
| Stop Loss (SL) | 1.29396 | 1.29622 |
The GBP/USD pair’s downtrend remains weak, suggesting a potential upside move if trading continues above the moving averages. The pair remains in a limited range of volatility in the short term, and it’s important to closely monitor key levels to identify future opportunities more clearly.
