The GBPUSD currency pair continues to fluctuate within a range on the 1-hour time frame, with prices failing to break through either support or resistance, leaving the next trend direction uncertain. While the price structure appears flat, a closer examination reveals the formation of a minor upward trendline, which is starting to support price action from below. This trendline indicates that buying pressure is gradually increasing, albeit the market appears to be in a sideways state on the surface.
Furthermore, the CCI indicator has begun a strong rebound from the oversold territory, signaling that bearish momentum is starting to weaken and opening up opportunities for potential bullish acceleration. The combination of the ascending minor trendline and the recovering CCI suggests that GBPUSD may be poised to exit the range phase and attempt to move upward. If buying pressure persists, the pair could challenge the nearest resistance as a primary target in the short term.
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GBPUSD is exhibiting increasingly robust bullish signals after successfully breaking through the resistance of the Bollinger Bands, indicating that buying pressure is gaining control over the price movement. The upward-sloping MA line provides additional confirmation that the short-term trend is trending in favor of buyers. In terms of momentum, CCI has strengthened sharply from the oversold area, further reinforcing the notion that a bullish recovery is underway. With this combination of technical signals, GBPUSD has the potential to continue its rise to test significant resistance at the 1.31285 level.
Technical Reference: buy while above 1.31985
Potential Take Profit 1: 1.31985
Potential Take Profit 2: 1.32100
Potential Stop Loss 1: 1.31425
Potential Stop Loss 2: 1.31285
