GBPUSD Technical Analysis: The GBP/USD pair is trading in a weak uptrend during today’s session, as the pair recorded its highest trading level so far at 1.24953 and its lowest level at 1.24142. Currently, the pair is trading at 1.24267, reflecting a state of relative stability within a narrow range.
The pair is trading below the moving average indicators on various time frames, indicating weak upward momentum and the inability of prices to strongly penetrate resistance levels. Also, the MACD indicator is showing weak positive signals, indicating limited upward momentum, but this momentum is still insufficient to support a strong move in the upward direction.
GBPUSD Technical Analysis: Technical analysis
- Moving averages: The pair is trading below the short and long moving averages, reflecting the weakness of the upward trend and increasing the possibility of continued volatility in the current range.
- MACD Indicator: Despite the positive signals on the indicator, the bullish momentum is still weak, which may limit the chances of completing the bullish movement strongly.
Trading expectations for today:
The pair is likely to continue moving within a limited range today.
with the possibility of testing support levels near 1.24142. If trading continues below the resistance level of 1.24953, the weak bullish trend may continue, and if the pair manages to break this resistance, there is a chance to rise towards 1.25500. However, if the bearish pressure continues, we may witness a decline towards 1.24000.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.24477 | 1.23946 |
| Target Point 1 (TP1) | First resistance: 1.24715 | First support: 1.23737 |
| Target Point 2 (TP2) | Second resistance: 1.24921 | Second support : 1.23621 |
| Stop Loss (SL) | 1.23946 | 1.24477 |
The pair is trading in a weak uptrend with limited price volatility. Despite positive signals on the MACD, trading below the moving averages limits the chances of a strong uptrend continuation. The short-term outlook will remain neutral with the likelihood of continued volatility in a narrow range until clearer signals regarding the future direction emerge.
