GBPUSD Technical Analysis: Weak rise

GBPUSD Technical Analysis: The GBP/USD pair is witnessing a weak upward trend during today’s trading, as it recorded its highest price so far at 1.24600 and the lowest price at 1.24199, and is currently trading at 1.24331. Despite the apparent upward trend, the price movement remains under the influence of the moving averages, indicating that this upward trend may be weak and unstable.

GBPUSD Technical Analysis: Technical analysis

Looking at the moving average indicators, we find that prices are trading below these averages, which indicates the weakness of the current upward momentum. As the moving averages are dynamic resistance levels that may prevent the price from continuing to rise strongly.

On the other hand, the MACD indicator is showing positive signals, but they are relatively weak. The intersection of the MACD line with the signal line in the positive zone indicates the presence of some upward momentum, but due to the weakness of these signals, this movement does not support the sustainability of the upward trend in the long term.

Trading Outlook:

Under this analysis, the pair is expected to continue moving within a narrow range, with a possibility of testing the nearby resistance levels at 1.24600. If the pair fails to break these levels, it may return to the decline towards the support levels at 1.24200.

GBPUSD Technical Analysis

Trading strategies based on Buy/Sell levels

GBPUSD In case of buying in case of selling
Entry point 1.24579 1.24113
Target Point 1 (TP1) First resistance: 1.24765 First support: 1.23841
Target Point 2 (TP2) Second resistance: 1.24821 Second support       : 1.23655
Stop Loss (SL) 1.24113 1.24579

 

The GBP/USD pair is showing a weak uptrend supported by weak positive MACD signals. The pair is likely to remain in a limited sideways movement, with potential upside opportunities but without strong confirmations of a continuation of the uptrend in the near term.

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