The GBPUSD currency pair exhibits a sideways pattern on the 1-hour chart, forming a relatively wide range. This sideways movement could persist through today’s European trading session. Particularly noteworthy is the decline towards support, alongside the Stochastic indicator nearing the oversold territory.
Consequently, if the price continues to dip until the Stochastic confirms oversold conditions, the likelihood of a rebound increases significantly. This scenario reinforces the possibilities of ongoing sideways movements with a bullish inclination expected in the European session.
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On the 15-minute chart, the Stochastic has already entered the oversold region, allowing for a greater potential for price escalation. The nearest support level is around 1.24100; as long as this level remains intact, GBPUSD is likely to appreciate toward the 1.24650 level.
Technical reference: buy as long as it holds above 1.24100
Potential Take Profit 1: 1.24650
Potential Take Profit 2: 1.24900
Potential Stop Loss 1: 1.24100
Potential Stop Loss 2: 1.23950
