GBPUSD Technical Analysis: The GBP/USD pair is trading in an upward trend today, as the pair recorded its highest level so far at 1.2745 and its lowest level at 1.2688. At the moment, the pair is trading at 1.2733, reflecting the continuation of the upward momentum amid tight trading.
GBPUSD Technical Analysis: Technical analysis
- Moving averages:
The pair is trading above the main moving average indicators, such as the 50 and 200 simple moving averages. This indicates that the upward trend continues in the short and long term, as these signals support the continuation of price increases.
- MACD indicator:
The MACD indicator reflects a positive trend, as it shows a positive intersection between the MACD line and the signal line. This indicates strong upward momentum, which enhances the possibility of the pair continuing to rise in the coming period.
Economic news:
- The US unemployment claims data was released today, which came in higher than expected. This represents a negative shift for the US dollar, as it indicates weakness in the US labor market. This news enhances the chances of a rise in the GBP/USD, and gives a positive impetus to the pound in light of the negative impact on the US dollar.
Future Outlook:
Based on the technical analysis, the uptrend in the GBP/USD pair seems to be continuing strongly. The negative economic data related to the US unemployment claims also supports the expectations of further rise in the GBP. If this trend continues, we may witness a test of new resistance levels in the near future.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2749 | 1.2701 |
| Target Point 1 (TP1) | First resistance: 1.2770 | First support: 1.2682 |
| Target Point 2 (TP2) | Second resistance: 1.2790 | Second support : 1.2671 |
| Stop Loss (SL) | 1.2701 | 1.2749 |
The pair remains in an uptrend thanks to signals from the moving averages and the MACD indicator. With negative economic data affecting the US dollar, the chances of GBP/USD continuing to rise in the short term are increasing. Traders should follow market developments and economic news to get the best trading opportunities in the coming period.
