On the 1-hour chart, GBPUSD continues to maintain its upward potential through a well-established uptrend structure. The consistent price action that forms higher highs and higher lows reflects the ongoing dominance of buyers, who show no signs of weakening as prices steadily follow an upward path. As long as this trend structure remains intact, selling pressure is assessed to be limited, thus the chances of a trend reversal in the short term are relatively small as market activity increases.
From a technical standpoint, the bullish bias is strengthening, evidenced by the upward trajectory of the Moving Average and a ZigZag pattern consistently forming an uptrend. Positive signals also emerge from the CCI indicator, which is beginning to recover from oversold territory, suggesting a reemergence of buying momentum in the market. This combination of indicators paves the way for GBPUSD to extend its gains and test higher price areas, especially with anticipated increases in trading volatility.
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Meanwhile, on the 15-minute chart, GBPUSD has signaled further strengthening after successfully breaking above the upper boundary of a symmetrical triangle pattern. This breakout indicates the potential continuation of an upward trend in the short term, confirmed by the rising Moving Average and a ZigZag structure that indicates an uptrend. Supported by dominant buying momentum, GBPUSD is poised to continue its ascent to test the resistance area near the 1.34770 level in the near term.
Technical Reference: buy as long as it remains above 1.34000
Potential Take Profit 1: 1.34625
Potential Take Profit 2: 1.34770
Potential Stop Loss 1: 1.34140
Potential Stop Loss 2: 1.34000
