On the 1-hour chart, GBPUSD is still exhibiting a bullish trend as the price movement stays within a well-defined uptrend structure. The dominance of buyers is clearly seen through the consistent formation of higher highs and higher lows (HH–HL). This condition indicates that buying pressure continues to prevail in the market, making any price declines thus far more of a healthy correction rather than a shift in the main trend.
Technical support for the upward scenario remains robust. The Moving Average is pointing upward, confirming a positive trend direction, while the ZigZag indicator continues to uphold the uptrend structure. Additionally, the CCI, which has begun to rise from the oversold area, signals a return of buying momentum, reinforcing the potential for continued strength in GBPUSD in the short to medium term.
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Meanwhile, on the 15-minute chart, GBPUSD is also moving within a well-maintained bullish channel. The HH–HL structure remains intact, supported by the bullish ZigZag and the consistently rising Moving Average, reflecting buyer dominance in intraday movements. With the CCI bouncing back from the oversold territory, GBPUSD has the potential to continue its ascent to test the resistance level at 1.35235, as long as the price remains above the nearest support level.
Technical Reference: buy while above 1.34480
Potential Take Profit 1: 1.35110
Potential Take Profit 2: 1.35235
Potential Stop Loss 1: 1.34605
Potential Stop Loss 2: 1.34480
