The GBPUSD currency pair has the potential to continue its upward trend after successfully remaining within a bullish channel, indicating that buying pressure is still predominant in the market. Furthermore, the Commodity Channel Index (CCI) has moved out of the oversold zone, suggesting that the bearish momentum is beginning to weaken and the chances of a directional reversal are increasing.
Should GBPUSD manage to maintain its movement within this channel, further gains might occur, particularly if the price breaks through the nearest resistance, thereby confirming the continuation of the bullish trend.
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The GBPUSD pair has a favorable potential for further rise as the Stochastic indicator on the 15-minute timeframe shows a rebound signal from the oversold threshold, indicating that selling pressure is easing and the chances of a reversal are increasing. Additionally, the Moving Average (MA) is starting to trend upwards, providing further confirmation that the short-term bullish trend remains intact. If the price can hold above the nearest support level, buying momentum may strengthen, opening up the possibility for GBPUSD to test the resistance at 1.26915.
Technical Reference: buy as long as above 1.26235
Potential Take Profit 1: 1.26785
Potential Take Profit 2: 1.26915
Potential Stop Loss 1: 1.26345
Potential Stop Loss 2: 1.26235
