The GBPUSD pair on the hourly chart continues to showcase the potential for an upward trend as the uptrend structure remains intact. The consistent price movements forming higher highs and higher lows reflect a robust buyer strength that has yet to weaken, with prices steadily navigating along an upward slope. As long as this structure holds, selling pressures are deemed insufficient to shift the trend direction in the short term, especially with the European trading session approaching today.
From a technical perspective, the bullish bias is further supported by an upward-moving Moving Average and a ZigZag indicator that continues to establish an uptrend structure. Additional support is provided by the CCI indicator, which is beginning to rise from the oversold territory, signaling a return of buying momentum. This combination of signals opens the door for GBPUSD to strengthen further and test higher price levels in the near term.
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Meanwhile, on the 15-minute chart, GBPUSD is signaling a strengthening phase after successfully breaking through the upper boundary of a symmetrical triangle, indicating potential continuation of the upward trend. Technical confirmation can be observed from the Moving Average trending upwards along with the ZigZag indicator reforming an uptrend structure, highlighting the dominance of buying momentum. Given these conditions, GBPUSD is likely to continue its ascent and test the resistance level at 1.34810 as market activity picks up during the European session today.
Technical Reference: buy as long as above 1.33390
Potential Take Profit 1: 1.34110
Potential Take Profit 2: 1.34255
Potential Stop Loss 1: 1.33540
Potential Stop Loss 2: 1.33390
