The GBPUSD currency pair is exhibiting increasingly strong bullish momentum after successfully breaching the upper boundary of the Bollinger Bands, signaling a dominant buying pressure. This breakout reflects heightened volatility with a strong inclination for prices to continue their upward trend.
Additionally, the price remaining above the 24-period Moving Average (MA) further validates the bullish trend, with the MA now acting as a dynamic support that aids in driving prices higher. Should the buying pressure persist, GBPUSD stands a chance to test nearby resistances to extend its upward rally.
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The GBPUSD currency pair has the potential to continue rising after successfully breaking through the resistance on the 15-minute time frame, indicating a short-term buyer dominance. Furthermore, the ascending Moving Average (MA) reinforces the bullish signal, showing that the upward trend remains intact. If prices can hold above the breakout area and the MA continues its ascent, GBPUSD may test the resistance level at 1.30040.
Technical Reference: buy if above 1.29335
Potential Take Profit 1: 1.29940
Potential Take Profit 2: 1.30040
Potential Stop Loss 1: 1.29435
Potential Stop Loss 2: 1.29335
