The GBPUSD currency pair shows signs of a potential rebound as both the Commodity Channel Index (CCI) and Stochastic indicators recover from the oversold region. This condition suggests that selling pressure is easing, creating an opportunity for the price to reverse and move upwards in the near future. These technical signals are often viewed as early indicators of a bullish momentum formation.
As the CCI climbs back above the -100 level and Stochastic emerges from the oversold area, the currency pair may begin testing nearby resistance levels. Should this bullish momentum continue to develop, GBPUSD stands a chance of strengthening its upward trend.
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On the 15-minute chart displayed above, GBPUSD also presents potential for an increase as the price has managed to breakout from a bearish channel, indicating that selling opportunities are beginning to fade. Additionally, the MACD being in the positive territory further enhances the chances for an upward movement. If the aforementioned scenario unfolds, GBPUSD could be headed toward the resistance level of 1.23750.
Technical Reference: buy while above 1.22335
Potential Take Profit 1: 1.23480
Potential Take Profit 2: 1.23750
Potential Stop Loss 1: 1.22625
Potential Stop Loss 2: 1.22335
