The GBPUSD currency pair is showing signs of a potential continuation of its upward trend after pulling back to the Middle Bands on the Bollinger Bands indicator. This pullback reflects a healthy consolidation phase before the price resumes its rise. The Middle Bands often act as a dynamics support in a bullish trend, and if the price manages to stay above this level, the chance of a rebound increases significantly. Furthermore, the price is still trading above the 24-period Moving Average (MA), which reinforces the bullish sentiment in the short term.
Additional confirmation is provided by the MACD indicator, where the MACD line remains above the signal line, while the histogram starts to show an increase in positive momentum. This indicates that buying pressure is still dominant and GBPUSD may potentially return to the nearest resistance level.
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The GBPUSD is likely to continue its upward movement in the short term as the price remains within a bullish channel on the 15-minute timeframe. This trend is supported by the Stochastic Oscillator, which has emerged from the oversold area and is beginning to point upwards, indicating an increase in buying momentum. As long as the price stays within the channel and does not break below the lower channel support, the bullish opportunities remain intact. If buying pressure continues to rise, GBPUSD may test the resistance level at 1.26445.
Technical Reference: buy while above 1.25395
Potential Take Profit 1: 1.26290
Potential Take Profit 2: 1.26445
Potential Stop Loss 1: 1.25570
Potential Stop Loss 2: 1.25395
