The GBPUSD currency pair displays signs of strengthening as prices maintain their position above the 24-period Moving Average (MA), now acting as a dynamic support. The stable price movement above the MA indicates a bullish trend beginning to take shape, highlighted by the emergence of a higher low pattern. This adds to the confidence that upward momentum is still in play. Should the price break through the nearest resistance, the potential for further advances towards higher levels becomes increasingly promising.
The MACD (Moving Average Convergence Divergence) indicator further confirms this bullish potential, with the MACD line resting above the signal line and the histogram beginning to enter positive territory. This signal reflects a steady strengthening momentum, bolstering market participants’ confidence to maintain long positions.
Recommended
Recommended
Recommended
Recommended
The GBPUSD pair holds the potential for continued gains as the MACD shows a bullish signal on the 15-minute time frame. The MACD line above the signal line, coupled with a rising histogram into positive territory, indicates an increasing buying momentum. This situation offers an opportunity for GBPUSD to test the nearest resistance at 1.29640.
Technical Reference: buy above 1.29035
Potential Take Profit Level 1: 1.29545
Potential Take Profit Level 2: 1.29640
Potential Stop Loss Level 1: 1.29130
Potential Stop Loss Level 2: 1.29035
