GBPUSD Technical Analysis: The GBP/USD pair is trading today in a weak downtrend, as the pair moved from its lowest level in today’s trading at 1.2532 to its highest level at 1.2607. Currently, the pair is trading at 1.2591, reflecting relative stability in the market during the current sessions. Despite the weak downtrend, there are signs that may indicate potential opportunities for a shift towards the upside.
GBPUSD Technical Analysis: Technical analysis
- Moving averages:
Trading prices above the main moving average indicators indicates that the market may be in a phase of shifting towards the upside. As these indicators are considered an important support that maintains the upward momentum if the pair continues to trade above them.
- MACD indicator:
Despite the signs of improvement that appear from the moving averages, the MACD indicator shows a weak negative trend, with the two lines trading in the negative zone, indicating weak buying momentum at the present time. This suggests that the selling pressure is still there, which is hindering a quick turn to the upside.
Today’s Outlook
Based on the current data, the GBP/USD pair is likely to continue to fluctuate in a narrow range in the coming hours. If the pair manages to continue trading above the 1.2580 level and break above the 1.2607 level, there may be a chance to increase gains towards the next resistance levels at 1.2650.
However, if the pair fails to maintain these levels and the selling pressure continues, we may see a decline towards the nearby support level at 1.2550.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2607 | 1.2564 |
| Target Point 1 (TP1) | First resistance: 1.2627 | First support: 1.2549 |
| Target Point 2 (TP2) | Second resistance: 1.2648 | Second support : 1.2537 |
| Stop Loss (SL) | 1.2564 | 1.2607 |
While the GBP/USD pair continues to trade in a weak downtrend, the price trading above the moving averages increases the chances of a turn to the upside. However, the MACD indicator should be watched carefully, as it indicates a weakness in the current bullish momentum. It is important to follow the market developments closely to determine whether the pair will consolidate its uptrend or witness further declines in the near term.
