The GBPUSD pair has delivered a strong signal for a potential trend reversal after successfully breaking through the previous bearish channel resistance that confined its price movements. This breakout serves as an early indication that bearish pressure is beginning to diminish, thereby creating opportunities for bullish movements toward higher levels.
Technical indicators lend support to this upward potential. The 24-period Moving Average (MA) has shown a reversal in direction, with the current price positioning above the MA line, indicating a bullish momentum. In addition, the MACD indicator reinforces this positive signal as the MACD line crosses above the signal line, confirming the strength of buyers in the market.
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In the 15-minute chart shown above, the GBPUSD continues to provide upward opportunities as the price has also broken out of the bearish channel, indicating a decline in selling pressure. Moreover, the MACD residing in the positive territory adds further potential for increases. If the scenario unfolds as described above, GBPUSD could potentially reach the resistance level of 1.22720.
Technical Reference: Buy as long as it stays above 1.21470
Potential Take Profit Level 1: 1.22500
Potential Take Profit Level 2: 1.22720
Potential Stop Loss Level 1: 1.21685
Potential Stop Loss Level 2: 1.21470
