The GBPUSD currency pair is displaying signs of a potential rebound following the establishment of a bullish channel on the H1 time frame. After experiencing downward pressure, the price action is now beginning to show indications of recovery. The Commodity Channel Index (CCI), currently situated in the oversold territory, suggests that selling pressure has peaked, creating an opportunity for buyers to reclaim market control.
Moreover, the current price is approaching the lower boundary of the bullish channel, which could serve as a strong support area. If the price can sustain itself within this zone, the likelihood of an upward movement towards the next resistance level becomes significantly more promising.
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The GBPUSD is showcasing an upward potential, bolstered by technical indicators. The Moving Average (MA) maintains a bullish trend, reflecting that the upward momentum remains robust, while the Commodity Channel Index (CCI) rebounding from the oversold region further strengthens the potential for a trend reversal. Should the price succeed in holding above the MA as a dynamic support level and if the CCI continues its ascent, it could challenge the resistance at 1.30080.
Technical Reference: Buy while above 1.29360
Potential Take Profit 1: 1.30080
Potential Take Profit 2: 1.30200
Potential Stop Loss 1: 1.29490
Potential Stop Loss 2: 1.29360
