The GBPUSD pair has recently displayed a more distinct market behavior during the American session tonight, especially after previously failing to maintain selling pressure despite breaching a significant support level. The inability of the price to reach a new low serves as a strong indicator of a false break, suggesting that the seller dominance is waning considerably. This shift creates an opportunity for the buyer to regain control, steering the price back onto a bullish path with a considerably more robust technical structure.
Technical support further reinforces the likelihood of sustained gains for GBPUSD during the American session tonight. The latest ZigZag pattern forming a series of uptrends, coupled with an upward-sloping Moving Average and a stable MACD in positive territory, indicates that the buyer momentum is well-founded. This combination of signals confirms that buying pressure is not only recovering but also becoming increasingly solid, thus widening the chances of the price testing the nearest resistance.
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On the 15-minute time frame, a clear short-term bullish bias emerges as the price successfully breaches the resistance of the bullish channel. The sharply rising MA and the consistently positive MACD affirm that the current upward structure is in healthy condition. Should this buying momentum continue through the American session tonight, GBPUSD holds significant potential to prolong its rally and test the key resistance level around 1.33950 in the next moves.
Technical Reference: buy as long as above 1.33060
Potential Take Profit 1: 1.33795
Potential Take Profit 2: 1.33950
Potential Stop Loss 1: 1.33240
Potential Stop Loss 2: 1.33060
