The GBPUSD pair exhibits a promising potential for further strengthening despite a sharp decline during the European session. This upward support is due to the price successfully breaking out of the Bearish Channel, which had been constraining its movement. This breakout signals that buying momentum is starting to take over, potentially allowing the pair to continue its upward trend.
Technical indicators also back this bullish scenario. The Moving Average (MA) indicates that the price is now above the main trend line, suggesting strong upward momentum. Additionally, the MACD is providing bullish signals as the MACD line crosses above the signal line, accompanied by an expanding positive histogram.
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On the 15-minute chart above, GBPUSD still presents opportunities for an increase as the MA is currently below the running price. Furthermore, the MACD, which is in the positive zone, adds to the prospects for upward movement. If the aforementioned scenario plays out, GBPUSD could potentially reach the resistance level of 1.22840.
Technical Reference: buy as long as above 1.21615
Potential Take Profit 1: 1.22615
Potential Take Profit 2: 1.22835
Potential Stop Loss 1: 1.21865
Potential Stop Loss 2: 1.21615
