European session, date: 06/26/2024
Introduction and overview
The GBP/USD pair is one of the main currency pairs in the Forex market, and reflects the relationship between the British economy and the American economy. This pair is considered highly susceptible to economic and political events in both countries. Below is a technical analysis of the GBP/USD pair based on currently available data. The pair is currently trading at $1.2681. With weakness appearing in most of the moving average intersections, which indicates weakness in the upward trend. The MACD indicator shows a weak positive trend.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.2646 | 1.2627 |
| Point 1 (TP1) | First resistance: 1.2666 | First support: 1.2606 |
| Target Point 2 (TP2) | Second resistance: 1.2690 | Second support: 1.2580 |
| Stop Loss (SL) | 1.2627 | 1.2646 |
Conclusion
In light of the current technical analysis of the GBP/USD pair, the pair is trading at $1.2635, showing weakness in most of the moving average crossings, indicating a weak downside trend. In addition, the MACD indicator is showing a weak negative trend, which may indicate a possible near reversal in the trend.
It is essential for traders to monitor economic and political developments in both the UK and the US, as they can significantly impact price movement. Vigilance and a willingness to adapt to rapid market changes are essential for success in trading. We hope that this analysis has provided a clear and useful vision for investors and traders, and has helped them make informed investment decisions based on the available technical data.
