GBPUSD Technical Analysis: The GBP/USD pair is moving in a weak uptrend today, recording a high of 1.29678 and a low of 1.29266. The pair is currently trading at 1.29288, with prices fluctuating in a narrow range reflecting the hesitation between buyers and sellers.
GBPUSD Technical Analysis: Technical Analysis
Using Moving Averages
- Prices are trading below the moving averages, indicating downward pressure in the short term, as the moving averages resist any strong upward movement.
- A break above the resistance at 1.29409 could enhance the chances of a rise, while a break above the support at 1.29217 could open the door to further declines towards 1.29118.
MACD Analysis
- The MACD indicator is showing a weak positive signal, trading above the signal line but with limited momentum, reflecting the lack of sufficient buying power to support a continued rise.
- If the indicator’s positivity strengthens as the lines move upward and momentum increases, this may indicate a potential upward correction.
Trading Expectations
- Bullish Scenario: If the price rebounds above 1.29409 with a confirmed higher close, the pair may target 1.29486.
- Bearish Scenario: If the price falls below 1.29217, it may head towards 1.29118.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.29409 | 1.29217 |
| Target Point 1 (TP1) | First resistance: 1.29486 | First support: 1.29118 |
| Target Point 2 (TP2) | Second resistance: 1.29612 | Second support : 1.28900 |
| Stop Loss (SL) | 1.29217 | 1.29409 |
The GBP/USD pair is showing limited volatility in a narrow range with mixed technical signals, reflecting weak upward momentum despite faint positive indicators from the MACD. Traders are advised to wait for confirmation of the breakout while maintaining risk management, especially in the absence of strong market-moving catalysts.
