The GBPUSD pair has recently shown a notable shift in direction, failing to maintain selling pressure despite briefly breaking through a significant support level. The inability to form a new low has led to a strong indication of a false break, signaling that seller dominance is starting to wane. This development has prompted a return to a bullish trajectory, suggesting that bidders are gaining a more robust technical footing to push prices upward.
The momentum of the upward movement is increasingly supported by technical factors, evident from a ZigZag pattern that is re-establishing an uptrend, an upward sloping moving average (MA), and a MACD that remains in positive territory. The alignment of these technical signals indicates that buying pressure is not only recovering but also strengthening. With the market structure now favoring bidders, GBPUSD has the potential to continue its upward movement towards the nearest resistance, especially if buying pressure remains steady during the US session tonight.
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On the 15-minute time frame, the dominance of buyers is becoming increasingly evident after the price successfully broke through resistance within a bullish channel. The sharp upward movement of the MA and the consistent positioning of the MACD in positive territory confirm that the current upward trend remains solid. With this strong technical support, GBPUSD has a high probability of continuing its rally and testing crucial resistance at the 1.32420 level in the upcoming movement.
Technical Reference: Buy while above 1.32655
Potential Take Profit 1: 1.33195
Potential Take Profit 2: 1.3330
Potential Stop Loss 1: 1.32800
Potential Stop Loss 2: 1.32655
