The GBPUSD pair shows potential for an upward movement after a strong rebound from the lower boundary of the Bollinger Bands on the 1-hour timeframe. A touch at this support level often indicates that selling pressure is beginning to wane, creating opportunities for a price reversal upwards.
Additionally, the OsMA (Oscillator of Moving Average) indicator is starting to shift into positive territory, signaling an increase in buying momentum. If the price can maintain its position above the support of the Bollinger Bands and OsMA continues to strengthen, the likelihood of GBPUSD advancing towards the nearest resistance level increases.
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The GBPUSD pair also has the potential to continue rising on the 15-minute chart with support from the Moving Average (MA) and MACD indicators. The current price is trading above the MA, indicating that a short-term bullish trend is beginning to take shape. Furthermore, the MACD is showing positive signals, with the MACD line positioned above the signal line, and the histogram is starting to climb into positive territory, reflecting increasing buying momentum. If GBPUSD can stay above the MA and supported by a strengthening MACD, the prospects of advancing towards the resistance level of 1.29990 grow stronger.
Technical Reference: Buy as long as above 1.28895
Potential Take Profit 1: 1.29810
Potential Take Profit 2: 1.29995
Potential Stop Loss 1: 1.29060
Potential Stop Loss 2: 1.28895
