GBPUSD Technical Analysis: The GBP/USD pair continues to move in a weak uptrend during today’s trading, as the pair recorded its highest level so far at 1.23281 and the lowest level at 1.22907, and is currently trading at 1.23038.
GBPUSD Technical Analysis: Technical Analysis
Through technical analysis, it appears that the pair is trading below the moving averages levels, reflecting the weakness of the momentum in the current uptrend. The MACD indicator is also showing positive signals, but these signals are very weak, reinforcing the idea that the uptrend may not be strong enough to continue sustainably.
Trading Expectations:
In light of the weakness of the current uptrend, the pair is likely to remain in a narrow trading range. Also, anticipation of the speech of former US President Donald Trump today may lead to sharp volatility in the market. Therefore, we recommend closing current positions before the speech to avoid any unexpected effects that may occur on the market movement.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.22820 | 1.22459 |
| Target Point 1 (TP1) | First resistance: 1.23010 | First support: 1.22326 |
| Target Point 2 (TP2) | Second resistance: 1.23280 | Second support : 1.22225 |
| Stop Loss (SL) | 1.22459 | 1.22820 |
The uptrend in GBP/USD appears weak, with negative signals from the moving averages and MACD. With an important political speech approaching, it is advisable to be cautious and close positions before the speech to avoid market volatility.
