GBPUSD in a Sideways Phase: Bullish Outlook
The price movement has played out exactly as I anticipated in my previous analysis, with the price successfully reaching the target level. Currently, we observe that GBPUSD is consolidating after hitting a key resistance zone. On a broader scale, the market remains in an overarching bullish trend on the daily timeframe, signaling continued demand that could keep pushing prices upward. However, the recent breach of the upward trendline reveals a momentary pause in this bullish momentum.
This trendline break is worth noting, as it may imply that the market is experiencing a short-term slowdown or indecision, rather than a complete reversal of the uptrend. It’s a signal that the market is entering a phase of consolidation, where prices are likely to oscillate within a defined range for a while before making a decisive move in either direction. Given this consolidation, we may see some choppy sideways movement in the near future.
Nevertheless, the overall structure still supports the possibility of the market resuming its upward momentum once this range-bound activity plays out. My next target lies at the resistance zone of 1.33960, which could act as a significant level for the next bullish leg, assuming the consolidation phase resolves to the upside. This level is likely to attract renewed selling pressure, but if the bullish trend resumes, it could pave the way for further gains.
Traders, if you found this idea helpful or have your own insights to share, feel free to drop a comment. I’d love to hear your thoughts!
This trendline break is worth noting, as it may imply that the market is experiencing a short-term slowdown or indecision, rather than a complete reversal of the uptrend. It’s a signal that the market is entering a phase of consolidation, where prices are likely to oscillate within a defined range for a while before making a decisive move in either direction. Given this consolidation, we may see some choppy sideways movement in the near future.
Nevertheless, the overall structure still supports the possibility of the market resuming its upward momentum once this range-bound activity plays out. My next target lies at the resistance zone of 1.33960, which could act as a significant level for the next bullish leg, assuming the consolidation phase resolves to the upside. This level is likely to attract renewed selling pressure, but if the bullish trend resumes, it could pave the way for further gains.
Traders, if you found this idea helpful or have your own insights to share, feel free to drop a comment. I’d love to hear your thoughts!
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