GBPUSD Technical Analysis: The GBP/USD pair is trading in an uptrend today, as it recorded its highest price so far at 1.2666 and its lowest price at 1.2565, while it is currently trading at 1.2663.
GBPUSD Technical Analysis: Price action analysis
The pair is showing a clear upward performance as it is trading above the moving averages, which reinforces the positive trend in the market. This signal reflects the continuation of the upward momentum in the short term.
which reinforces optimism that the price movement will continue in the same direction.
MACD indicator:
The MACD indicator indicates a positive shift in the market, as the indicator shows signs indicating the beginning of an upward trend, after a period of negative trading. The positive intersection between the MACD line and the signal line reflects the beginning of positive momentum that may push the pair to higher levels during the coming period.
Economic data impact:
This rise comes after the release of US economic data that negatively affected the US dollar, which contributed to pushing the pair higher. The weakness of the US currency made the pound more attractive, which supported this upward trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2679 | 1.2634 |
| Target Point 1 (TP1) | First resistance: 1.2703 | First support: 1.2618 |
| Target Point 2 (TP2) | Second resistance: 1.2720 | Second support : 1.2605 |
| Stop Loss (SL) | 1.2634 | 1.2679 |
Trading above the moving averages with positive signals from the MACD indicator reinforces the bullish outlook for the GBP/USD pair in the short term. With more US economic data awaited, the pair could continue moving in an upward direction if the pressure on the US dollar continues.
