GBPUSD Technical Analysis: The GBP/USD pair is trading in an uptrend today, as the pair recorded its highest price so far at 1.2804 and its lowest price at 1.2736, and is currently settling at 1.2797. This price range indicates the continuation of the upward trend in the current movement.
GBPUSD Technical Analysis: Technical Analysis
- Moving Averages: Prices are trading above the main moving average levels, which supports the upward trend and provides a positive signal for investors. Continuing this trading above the averages enhances the chances of continuing the upward movement in the near term.
- MACD Indicator: The MACD indicator is showing positive signals, as it reflects an upward momentum that accompanies the upward trend of the pair. This enhances the possibility of continuing the positive movement in the short term.
Economic Influences:
The US dollar was negatively affected after some US economic data came out contrary to expectations, most notably the US unemployment rate report, which recorded an increase. This weakness in the US labor market data weakened the strength of the dollar and led to a decline in its value against major currencies, including the British pound.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2820 | 1.2761 |
| Target Point 1 (TP1) | First resistance: 1.2851 | First support: 1.2740 |
| Target Point 2 (TP2) | Second resistance: 1.2872 | Second support : 1.2730 |
| Stop Loss (SL) | 1.2761 | 1.2820 |
With the pair trading above the moving averages and positive signals from the MACD, the overall trend of the GBP/USD pair remains bullish. The negative impact of the US economic data, especially the unemployment rate report, has also contributed to this upward movement. However, traders should follow any new economic developments that may affect the pair’s movement, with the possibility of the upward force continuing if the dollar continues to weaken.
