The GBPUSD currency pair is demonstrating a robust upward trend as it rebounds from an earlier breach of the support level. The swift recovery back above the breached level suggests a false breakout, indicating that selling pressure is diminishing, allowing buyers to regain market control. This rapid turnaround has positioned the price back on a bullish trajectory on the 1-hour chart, highlighting that the bullish trend structure remains intact, opening the door for potential further gains.
Technical indicators are also validating this bullish signal. The ZigZag indicator is forming a series of higher highs and higher lows, the moving average (MA) is beginning to trend upwards, and the MACD remains in the positive zone, all suggesting that buying momentum is holding strong. These three elements reflect a solid foundation for buyers to sustain the upward movement, and there’s a significant likelihood for the market to continue its bullish pressure towards the next resistance level.
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On the 15-minute timeframe, the technical structure of GBPUSD appears increasingly aligned with the bullish scenario. The price is consistently maintained within an ascending channel, and with the MA continuing its upward trajectory coupled with the ZigZag indicator supporting an uptrend, it reinforces the dominance of buyers in the short term. With strong confirmation from multiple indicators, GBPUSD has ample room to extend its increase and is poised to test a crucial resistance area around 1.33950.
Technical Reference: buy above 1.33060
Potential Take Profit 1: 1.33795
Potential Take Profit 2: 1.33950
Potential Stop Loss 1: 1.33240
Potential Stop Loss 2: 1.33060
