The GBPUSD has successfully breached a critical resistance level, signaling a solid potential for an ongoing upward trend. This breakout highlights that buying pressure is strong enough to overcome the previous consolidation zone, creating opportunities for further bullish movements. The Moving Average (MA), particularly in the shorter time frames, is starting to tilt upwards, supporting the rising momentum and reinforcing the belief that the short-term trend favors buyers.
Additionally, the MACD indicator bolsters the positive signals, with the MACD line positioned above the signal line and moving away from neutral territory, reflecting an uptick in buying momentum. As long as GBPUSD maintains its position above the breakout area acting as new support, the likelihood of further increases towards the next resistance level remains promising.
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At the moment, GBPUSD is adhering to a bullish channel on the 15-minute time frame, indicating that the short-term upward trend is intact. The price structure continues to form higher lows and higher highs, indicating that buyers are still in control of the market. The stochastic indicator also supports the potential for continued gains, with signals rising from neutral territory, adding strength to the prevailing trend. If the price remains within this channel and does not breach the dynamic support, GBPUSD has the opportunity to move higher 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
