The GBPUSD pair displays a promising rebound potential as the price holds at the lower boundary of the Bollinger Bands, indicating strong support. Moreover, the Stochastic indicator is currently in the oversold region, suggesting that selling pressure has diminished, paving the way for a possible upward reversal.
This movement is backed by technical sentiment that reinforces the likelihood of further increases. If the price can remain above a critical support level, GBPUSD may aim for the next resistance level in the short term.
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On the 15-minute chart above, GBPUSD also presents an upward potential since the moving average is currently positioned below the running price, and the CCI is bouncing back from the oversold condition, further increasing the chances for a rise. Following the aforementioned scenario, GBPUSD could target a resistance level of 1.23120.
Technical Reference: buy as long as above 1.21725
Potential Take Profit 1: 1.22915
Potential Take Profit 2: 1.23120
Potential Stop Loss 1: 1.21970
Potential Stop Loss 2: 1.21725
