The GBP/USD currency pair has successfully broken above a key bullish trendline, signaling potential further upside momentum. This breakout suggests that buyers are gaining control, and the pair could continue its upward movement toward the next resistance levels.
Current Market Structure & Key Levels:
Breakout Confirmation: The pair has breached the bullish trendline resistance, indicating renewed bullish strength.
Immediate Resistance: The price is currently facing a strong resistance level at 1.28120. This level is critical as it could act as a temporary hurdle before further upside movement.
Break & Continuation: If GBP/USD successfully breaks and holds above 1.28120, we can expect bullish continuation toward the next upside targets at 1.28700 and 1.29650.
Support Levels: In case of a retracement, the pair might find support at the previously broken trendline, which could now act as a demand zone.
Technical Outlook:
Momentum Shift: The breakout of the trendline suggests a shift in momentum favoring buyers.
Volume Confirmation: If the breakout is accompanied by increasing trading volume, it will further strengthen the bullish bias.
Fundamental Factors: Any economic data releases related to GBP or USD, as well as central bank decisions, could influence price action and confirm or invalidate the breakout.
Trading Plan:
A confirmed break and retest of 1.28120 could provide a good buying opportunity with upside targets of 1.28700 and 1.29650.
A failure to break this resistance may result in a temporary pullback before another attempt at a breakout.
Traders should monitor price action, volume, and potential news catalysts to validate the breakout for further bullish continuation.
Current Market Structure & Key Levels:
Breakout Confirmation: The pair has breached the bullish trendline resistance, indicating renewed bullish strength.
Immediate Resistance: The price is currently facing a strong resistance level at 1.28120. This level is critical as it could act as a temporary hurdle before further upside movement.
Break & Continuation: If GBP/USD successfully breaks and holds above 1.28120, we can expect bullish continuation toward the next upside targets at 1.28700 and 1.29650.
Support Levels: In case of a retracement, the pair might find support at the previously broken trendline, which could now act as a demand zone.
Technical Outlook:
Momentum Shift: The breakout of the trendline suggests a shift in momentum favoring buyers.
Volume Confirmation: If the breakout is accompanied by increasing trading volume, it will further strengthen the bullish bias.
Fundamental Factors: Any economic data releases related to GBP or USD, as well as central bank decisions, could influence price action and confirm or invalidate the breakout.
Trading Plan:
A confirmed break and retest of 1.28120 could provide a good buying opportunity with upside targets of 1.28700 and 1.29650.
A failure to break this resistance may result in a temporary pullback before another attempt at a breakout.
Traders should monitor price action, volume, and potential news catalysts to validate the breakout for further bullish continuation.
Trade active
Target 01 reachedTrade closed manually
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Join My Telegram Channel for Signals and Technical Charts
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Contact: t.me/Pipsviewadmin
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Contact: t.me/Pipsviewadmin
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.