π GBPUSD Price Forecast π
GBPUSD has broken out of the descending trendline and formed a symmetrical triangle pattern at the bottom of the downtrend. The breakout of the triangle has been confirmed, followed by a successful retracement to the breakout level. With buying volume increasing, the bullish momentum is strengthening.
The pair is expected to rally from the current level of 1.2220, aiming to break above the 200 EMA. The first major resistance lies at the 1.2320 supply zone, with further upside potential toward higher target levels.
π―Technical Target Levels:
- 1.2320 (First target and supply zone)
- 1.2365
- 1.2505
- 1.2565 (Final target)
π Key Highlights:
- Breakout of descending trendline and symmetrical triangle pattern.
- Retracement completed, signaling bullish continuation.
- Buyers gaining strength with increased volume.
- Focus on the 200 EMA and supply zones for further confirmation.
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