The GBPUSD currency pair is beginning to exhibit signs of a bullish trend after successfully breaking out from the Bearish Channel that has controlled its movements for a considerable period. This breakout serves as an initial indication that buying momentum is gaining strength, thus creating opportunities for GBPUSD to continue rising to higher levels.
Technical indicators provide solid supporting signals. The 24-period Moving Average (MA) confirms that the current price action is above the MA line, suggesting a shift in trend from bearish to bullish.
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In the aforementioned 15-minute chart, GBPUSD still shows opportunities for upward movement as the MA is currently positioned beneath the running price. Additionally, the MACD remaining in positive territory further enhances the potential for an increase. If the scenario above plays out, GBPUSD could move towards the resistance level of 1.22430.
Technical Reference: buy while above 1.21550
Potential Take Profit 1: 1.22290
Potential Take Profit 2: 1.22430
Potential Stop Loss 1: 1.21700
Potential Stop Loss 2: 1.21550
