The GBPUSD currency pair has successfully breached a significant resistance level, indicating a possible continuation of a robust upward trend. This breakout signifies that buying pressure is sufficiently strong to break through the previous consolidation zone, thereby creating opportunities for further bullish movement. The Moving Average (MA), especially on shorter time frames, is beginning to curve upwards, reinforcing the upward momentum and enhancing confidence that the short-term trend now favors buyers.
Moreover, the MACD indicator is also bolstering the positive signals, with the MACD line positioned above the signal line and moving away from neutral territory, reflecting an acceleration in buying momentum. As long as GBPUSD can maintain its position above the breakout level as a new support, the chances for a continued rise towards the next resistance level appear promising.
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Currently, GBPUSD is moving within a bullish channel on the 15-minute time frame, which suggests that the short-term upward trend remains intact. The price structure continuously forming higher lows and higher highs indicates that buyers are still in control of the market. The stochastic indicator further supports the potential for continued gains with signals trending upwards from neutral territory, adding strength to the developing trend. Provided the price remains within this channel and does not break below the dynamic support, GBPUSD stands a good chance of progressing towards the resistance level at 1.33280.
Technical Reference: buy above 1.31250
Potential Take Profit 1: 1.32850
Potential Take Profit 2: 1.33280
Potential Stop Loss 1: 1.31645
Potential Stop Loss 2: 1.31250
