The movement of GBPUSD on the 1-hour timeframe indicates a sustained upward trend reinforced by a well-defined bullish channel. This structure highlights the solid dominance of buyers, where every price correction tends to be supported near the channel’s support. The ZigZag pattern creates a sequence of higher highs and higher lows, further confirming that the primary trend is still strengthening, thus the market bias remains tilted towards buying.
From the indicator perspective, technical support is becoming evident once again. The Moving Average (MA) is trending gently upward, reflecting a persistent bullish momentum. Meanwhile, the CCI rebounding from oversold conditions provides an early signal of renewed buying interest. This combination of price structure and indicators presents an opportunity for GBPUSD to continue its strength as long as the price remains within the formed bullish channel.
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On the 15-minute chart, GBPUSD displays an increasingly evident bullish structure with the emergence of a rising channel, bolstered by the continually ascending MA and a ZigZag pattern indicating an uptrend. The CCI’s rebound from the oversold area also signals potential rebound, suggesting that buyer momentum could strengthen in the near term. With these technical combinations, GBPUSD is poised for further increases and may test a crucial resistance at around 1.34000.
Technical Reference: buy as long as above 1.34000
Potential Take Profit 1: 1.33875
Potential Take Profit 2: 1.34000
Potential Stop Loss 1: 1.33400
Potential Stop Loss 2: 1.33275
