Currently, GBPUSD is undergoing a correction, reaching the Middle Bands of the Bollinger Bands, which often acts as a dynamic support level in an upward trend. This corrective phase presents an opportunity for buyers to re-enter the market before the bullish trend resumes.
Moreover, the Moving Average Convergence Divergence (MACD) portrays positive indications, with the MACD line maintaining its position above the signal line, signifying that buying pressure remains predominant. If the price holds above the Middle Bands and MACD continues to exhibit bullish momentum, positive advancements can be expected.
Recommended
Recommended
Recommended
Recommended
There is potential for GBPUSD to witness a rebound as the Stochastic Oscillator approaches the oversold region on the 15-minute time frame, indicating a weakening of selling pressure and an increasing chance of a reversal. Should the red Stochastic line start to turn upwards and cross above the blue line from below, it could signal an early indication that bullish momentum is beginning to form. As long as the price remains above the nearest support level, GBPUSD could test resistance at 1.26785.
Technical Reference: buy while above 1.26785
Potential Take Profit 1: 1.26695
Potential Take Profit 2: 1.26785
Potential Stop Loss 1: 1.26245
Potential Stop Loss 2: 1.26125
