GBPUSD Technical Analysis: Weak Bearish Trading

GBPUSD Technical Analysis: The GBP/USD pair is trading in a weak bearish trend today, as it recorded its highest price so far at 1.2999 and the lowest price at 1.2942, with the current price reaching 1.2974. The price difference indicates the possibility of the trend changing from bearish to bullish, as shown in the chart.

GBPUSD Technical Analysis Technical Analysis:

Despite the bearish trend, the pair is trading above the moving averages indicators, reflecting some strength in the prices. However, the MACD indicator is showing a negative trend, but with a noticeable weakness in the bearish momentum, which may indicate a possible halt to this trend.

Forward Outlook:

If the price continues to move above the moving averages levels, we may witness a shift towards the bullish trend in the near term. Any positive signals that may support this new trend should be monitored.

GBPUSD Technical Analysis

Trading strategies based on Buy/Sell levels

In case of buying in case of selling GBPUSD
1.2990 1.2968 Entry point
First resistance: 1.2999 First support: 1.2954 Target Point 1 (TP1)
Second resistance: 1.3010 Second support       : 1.2938 Target Point 2 (TP2)
1.2968 1.2990 Stop Loss (SL)

 

The GBP/USD pair appears to be in a volatile position, with signs of weakening of the downtrend. Future moves should be watched carefully, as there may be a chance of a potential reversal to the upside.

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