On the hourly chart, GBPUSD continues to exhibit a stable trend within a defined upward movement, indicating that the strength of the buyers in the market is still robust. The consistent price movement creates higher highs and higher lows, reflecting the ongoing buying pressure driving market direction. As long as there is no significant breach below this structure, correction opportunities are expected to remain limited, keeping the potential for an upward trend alive.
From a technical perspective, the bullish signals are reinforced by the ascending Moving Average and a persistent ZigZag pattern showcasing the uptrend. Moreover, the CCI indicator has begun rising from an oversold territory, indicating a resurgence of buying momentum in the market. This combination of indicators brings affirmation that the bullish outlook for GBPUSD is still valid and could continue in the near future.
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Meanwhile, on the 15-minute timeframe, GBPUSD also maintains a bullish structure with prices operating within a bullish channel. The pattern of higher highs and higher lows remains consistent, supported by a bullish ZigZag and a steadily climbing Moving Average, confirming buyer dominance in intraday movements. With the CCI residing in an oversold area, GBPUSD is positioned to continue strengthening towards the resistance level of 1.35630.
Technical Reference: Buy above 1.34790
Potential Take Profit 1: 1.35470
Potential Take Profit 2: 1.35630
Potential Stop Loss 1: 1.34960
Potential Stop Loss 2: 1.34790
