The GBPUSD currency pair shows potential for a rebound after the establishment of a bullish channel on the H1 timeframe. The price movement, which had previously faced pressure, is now beginning to exhibit signs of recovery. The Commodity Channel Index (CCI) indicating its presence in the oversold territory suggests that the selling pressure has reached a saturation point, thereby creating opportunities for buyers to reassert control over the market.
Additionally, the current price is approaching the lower boundary of the bullish channel, which could act as a strong support zone. Should the price maintain its position within this area, the likelihood of an upward movement toward the next resistance level becomes increasingly favorable.
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GBPUSD indicates a growing potential for an increase, bolstered by technical indicators. The Moving Average (MA) continuing to trend bullishly suggests that the upward momentum remains strong, while the Commodity Channel Index (CCI) rebounding from the oversold zone further solidifies the chances for a directional reversal. If the price can sustain itself above the MA, which serves as a dynamic support, and if the CCI continues to ascend, the next resistance level may be 1.30080.
Technical Reference: buy while above 1.29360
Potential Take Profit 1: 1.30080
Potential Take Profit 2: 1.30200
Potential Stop Loss 1: 1.29490
Potential Stop Loss 2: 1.29360
