The GBPUSD currency pair is showing signs of an upward trend, having successfully broken through a high within a bearish channel. This breakthrough signals that the bullish momentum is gaining strength, further supported by technical indicators such as the Moving Average (MA), which reflects a bullish trend.
When the price moves above the MA line, it suggests that this currency pair has the potential for further upward movement in the near future. Moreover, the Stochastic indicator being in the oversold zone reinforces the notion that GBPUSD is poised for a rebound and is set to continue its bullish trend.
Recommended
Recommended
Recommended
Recommended
The potential for GBPUSD to continue its upward trajectory is strengthened by the Stochastic indicator’s rebound from the oversold area. This movement indicates that selling pressure is easing, and bullish momentum is beginning to build. Additionally, the bullish Moving Average (MA) supports the view that this currency pair is currently in an upward trend. With these two technical indicators aligned in favor of price movement, GBPUSD is likely to continue its ascent, testing the resistance level of 1.29980.
Technical Reference: buy as long as it remains above 1.29120
Potential Take Profit 1: 1.29845
Potential Take Profit 2: 1.29980
Potential Stop Loss 1: 1.29240
Potential Stop Loss 2: 1.29120
