The GBPUSD pair is showing considerable strength potential following the establishment of a bullish channel. This pattern suggests a strong upward trend, backed by key technical indicators such as the Moving Average (MA) and the MACD.
On the hourly chart, prices are currently trading above the 24-period MA line, indicating that a bullish trend is starting to dominate the market. Moreover, the MACD indicator reinforces the positive signal with the MACD line situated above the signal line, alongside an increasing positive histogram. This combination strongly suggests that GBPUSD has a significant chance of continuing its upward movement toward the next resistance level.
Recommended
Recommended
Recommended
Recommended
In the 15-minute chart above, GBPUSD also presents further upward potential as the MA is currently positioned below the running price, and the CCI indicator is currently rebounding from an oversold condition, adding to the likelihood of an increase. If the aforementioned scenario plays out, GBPUSD could reach the resistance level of 1.23120.
Technical Reference: buy while above 1.22470
Potential Take Profit 1: 1.23485
Potential Take Profit 2: 1.23675
Potential Stop Loss 1: 1.22685
Potential Stop Loss 2: 1.22470
