The GBPUSD currency pair has experienced a notable rebound after successfully breaking out of the Bearish Channel, signaling a potential trend reversal toward a bullish phase. This breakout presents a strong indicator that buying momentum is gaining strength, which may lead to further price escalation.
Technical indicators align well with this upward movement. The Moving Average (MA) indicates that prices are now consistently trading above the trend line, suggesting a stable upward trend. Meanwhile, the MACD is flashing bullish signals, with the MACD line crossing above the signal line and an increasingly widening positive histogram.
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On the 15-minute chart displayed above, GBPUSD continues to show room for upward movement as the MA sits below the running price, coupled with a strong MACD in the positive zone. According to the scenario presented, there is potential for GBPUSD to reach the resistance level of 1.23470.
Technical References: buy as long as above 1.22110
Potential Take Profit 1: 1.23225
Potential Take Profit 2: 1.23470
Potential Stop Loss 1: 1.22385
Potential Stop Loss 2: 1.22110
