This 15-minute GBP/USD forex chart highlights a key support zone around 1.28900 and a resistance zone near 1.29500. The price recently bounced off support and is forming a potential bullish pattern. The projected move suggests a breakout above the current consolidation, aiming for a target of 1.29400. Traders should watch for confirmation signals before entering long positions. If resistance holds, a pullback could occur.
GBP/USD 15-Minute Chart Analysis
1. Key Levels Identified:
Support Zone (Green Area - Around 1.28900):
The price tested this level multiple times, forming a potential double bottom, indicating strong buying pressure.
Resistance Zone (Red Area - Around 1.29500):
This area previously acted as a supply zone, rejecting price movements and pushing the pair downward.
2. Market Structure:
The price experienced a strong downtrend before forming a support level.
A potential bullish reversal is in play, with the price forming a higher low, which suggests a shift in momentum.
The chart outlines a possible inverse head and shoulders pattern, further reinforcing a bullish outlook.
3. Expected Price Movement:
The analysis suggests a bullish breakout with a target of 1.29400.
The price might consolidate slightly before making a push upward.
If resistance is broken, the next potential target could be around 1.29600.
However, failure to break above resistance could lead to another drop toward support.
4. Trading Considerations:
Bullish Case: If the price confirms support and moves higher, traders could look for buying opportunities with a stop-loss below the recent low.
Bearish Case: A rejection at resistance could signal a short opportunity back toward the support zone.
Risk Management: Proper stop-loss placement and confirmation of breakout are essential for risk mitigation.
Conclusion:
The chart suggests a short-term bullish setup for GBP/USD, with a target at 1.29400. However, traders should monitor price action around resistance to confirm the breakout or prepare for a reversal.
GBP/USD 15-Minute Chart Analysis
1. Key Levels Identified:
Support Zone (Green Area - Around 1.28900):
The price tested this level multiple times, forming a potential double bottom, indicating strong buying pressure.
Resistance Zone (Red Area - Around 1.29500):
This area previously acted as a supply zone, rejecting price movements and pushing the pair downward.
2. Market Structure:
The price experienced a strong downtrend before forming a support level.
A potential bullish reversal is in play, with the price forming a higher low, which suggests a shift in momentum.
The chart outlines a possible inverse head and shoulders pattern, further reinforcing a bullish outlook.
3. Expected Price Movement:
The analysis suggests a bullish breakout with a target of 1.29400.
The price might consolidate slightly before making a push upward.
If resistance is broken, the next potential target could be around 1.29600.
However, failure to break above resistance could lead to another drop toward support.
4. Trading Considerations:
Bullish Case: If the price confirms support and moves higher, traders could look for buying opportunities with a stop-loss below the recent low.
Bearish Case: A rejection at resistance could signal a short opportunity back toward the support zone.
Risk Management: Proper stop-loss placement and confirmation of breakout are essential for risk mitigation.
Conclusion:
The chart suggests a short-term bullish setup for GBP/USD, with a target at 1.29400. However, traders should monitor price action around resistance to confirm the breakout or prepare for a reversal.
Trade active
Trade closed: target reached
Target reached successfully
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.