European session, date: 07/12/2024
Introduction and overview
After a period of decline that lasted for days, the pound/dollar pair returned to trading in an upward trend since yesterday. The pair is currently trading at 1.2964, a level that reflects a noticeable improvement in its technical strength. Technical indicators indicate a continuation of the upward trend, with the pair remaining above most of the moving averages and the MACD indicator confirming the strength of this trend. With the beginning of the new uptrend, the GBP/USD pair is trading above most of the moving averages, indicating an improvement in upward momentum. The GBP/USD pair is currently trading at 1.2964. Moving averages are important tools that traders use to identify current trends and predict future movements. In addition, the MACD (Moving Average Convergence Divergence) indicator is showing clear strength in the uptrend. This indicator is one of traders’ favorite tools to measure momentum and identify potential reversal points. With the GBP/USD pair rising and technical indicators continuing to support this trend, it appears that the pound may continue to improve in the coming days.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2958 | 1.2932 |
| Point 1 (TP1) | First resistance: 1.2984 | First support: 1.2900 |
| Target Point 2 (TP2) | Second resistance: 1.3000 | Second support: 1.2875 |
| Stop Loss (SL) | 1.2932 | 1.2958 |
Conclusion
In recent hours, the GBP/USD pair has seen a notable rise, reflecting a positive shift in market sentiment. This rise came after a period of decline that dominated the pair’s movement for several days. During this period, the pound fell continuously, raising investors’ concerns about its stability in the short term.
