The GBPUSD has successfully broken out of its triangle formation, signaling a captivating bullish trend that has caught the eye of market participants. This breakout highlights the potential for a continuation of an upward movement, reinforced by technical indicators such as Moving Average (MA) and Stochastic, which enhance the prospects for strengthening.
The 24-period MA indicates that the price is currently positioned above a critical line, suggesting a valid bullish trend. Additionally, the Stochastic indicator has recently exited the oversold zone, signaling that buying momentum is on the rise, thus creating opportunities for further price increases.
Recommended
Recommended
Recommended
Recommended
Looking at the 15-minute chart above, GBPUSD continues to present opportunities for upward movement as the MA indicators also maintain a potential bullish stance, as they begin to trend below the current price. In addition, the price being within a bullish channel further enhances the possibilities for an upward trend. Following the above scenario, GBPUSD might target the resistance level of 1.26160.
Technical Reference: buy when above 1.25485
Potential Take Profit 1: 1.26070
Potential Take Profit 2: 1.26160
Potential Stop Loss 1: 1.25615
Potential Stop Loss 2: 1.25485
