The GBPUSD pair is displaying strengthening potential after a correction and reaching the middle band on the Bollinger Bands indicator. The middle band often acts as a dynamic support level, implying that prices may begin to rise again if they successfully stay above this area. This situation becomes even more appealing as the middle band is in an upward trend, indicating that the bullish momentum is still intact.
Support from the MACD indicator further bolsters the bullish outlook. Currently, the MACD line is positioned above the signal line, suggesting that buying pressure is starting to gain dominance in the market. Additionally, the positive values on the MACD histogram imply a stronger upward momentum push.
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Technical analysis on the 15-minute time frame indicates that GBPUSD is clearly within a bullish channel, reflecting a well-maintained upward trend. Moreover, the Stochastic indicator is located in the oversold zone, signaling that selling pressure is beginning to ease and suggesting a potential upward reversal. This condition presents an opportunity for GBPUSD to continue its rally to test the resistance level at 1.25240.
Technical Reference: buy as long as it stays above 1.24070
Potential Take Profit Level 1: 1.25055
Potential Take Profit Level 2: 1.25240
Potential Stop Loss Level 1: 1.24240
Potential Stop Loss Level 2: 1.24070
