The GBPUSD has successfully established a robust bullish trend on the 1-hour timeframe, characterized by a consistent pattern of higher highs (HH) and higher lows (HL). The price’s ability to break through significant resistance levels signals that the buyers are increasingly dominant in the short term. This technical structure indicates that the market is currently experiencing a strengthening phase, consistent with the confirmed upward trajectory observed on the chart.
At present, the price is situated right at the lower area of the bullish channel, which often serves as an ideal zone for continued upward movement. The zigzag pattern forming a new low, along with the CCI indicator situated in the oversold territory, further confirms that buying pressure may be poised to intensify. With this combination of signals, the prospects of GBPUSD continuing its upward movement are increasing, particularly if the buyers can maintain the established HH-HL structure.
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Meanwhile, the EURUSD has experienced a rebound from the Bollinger Bands area on the 15-minute timeframe, demonstrating a strong response from buyers after the previous selling pressure subsided. The CCI indicator’s presence in the oversold condition also bolsters the potential for a short-term increase, while prices continue to move neatly within the bullish channel, which maintains the health of the trend structure. With this array of technical signals, EURUSD appears likely to sustain its strengthening and test the resistance around 1.32600.
Technical Reference: buy as long as above 1.31800
Potential Take Profit 1: 1.32480
Potential Take Profit 2: 1.32600
Potential Stop Loss 1: 1.31960
Potential Stop Loss 2: 1.31800
