GBPUSD Technical Analysis: The GBP/USD pair is trading in a downward trend today, as it recorded its highest price so far at 1.2755 and the lowest price at 1.2725, with prices currently stabilizing at the 1.2740 level. These movements indicate that the pair is trading within a narrow range, while the general trend remains downward.
GBPUSD Technical Analysis: Technical analysis
By looking at the technical indicators, we notice that prices are trading below the moving averages levels on various time frames, which enhances the possibility of continued selling pressure on the pair. The MACD indicator also shows a downward trend, albeit with some weakness in the negative momentum, indicating the possibility of an upward correction in the event of the availability of appropriate economic stimuli.
The relative weakness in the downward trend may reflect a state of anticipation in the market, as traders prefer to pause before making decisive decisions, especially with the approaching release of important economic data.
Economic Influences:
The market is awaiting the release of the US Consumer Confidence Index, which is one of the economic data that affects the US dollar. If the data comes out better than expected, the dollar may see further strength.
which will reinforce the downward trend of the pound dollar. On the other hand, if the data is lower than expected, we may see an upward reversal in the pair’s movement.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2769 | 1.2722 |
| Target Point 1 (TP1) | First resistance: 1.2790 | First support: 1.2691 |
| Target Point 2 (TP2) | Second resistance: 1.2800 | Second support : 1.2672 |
| Stop Loss (SL) | 1.2722 | 1.2769 |
The pair is trading under slight selling pressure, with the downtrend confirmed by the moving averages and the MACD.
but the relative weakness in the negative momentum may open the door to a possible upward correction in the near term. The upcoming economic data, especially the US consumer confidence index, will be a decisive factor in determining the pair’s next direction.
