The currency pair GBPUSD is showing signs of potential further increases during the trading session on January 21, 2025, bolstered by favorable technical signals that indicate a bullish outlook. The 24-period Moving Average (MA) is trending upwards, suggesting that the short to medium-term trend remains under buying pressure.
Moreover, the MACD indicator offers bullish confirmation, with the MACD line positioned above the signal line and the histogram reflecting positive values. This combination of indicators provides evidence of the upward momentum for GBPUSD.
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In the 15-minute chart presented, GBPUSD continues to exhibit opportunities for upward movement as the MA is currently situated below the running price while the CCI indicates that the market is in an oversold condition, enhancing the likelihood of an upward swing. Should the scenario unfold as expected, there is a potential for GBPUSD to reach the resistance level of 1.23350.
Technical Reference: Buy as long as it is above 1.22120
Potential Take Profit 1: 1.23115
Potential Take Profit 2: 1.23350
Potential Stop Loss 1: 1.22315
Potential Stop Loss 2: 1.22520
