Overview:
The British Pound (GBP) against the US Dollar (USD) is currently trading within an ascending channel on the 4-hour timeframe. The price is approaching a key buy zone at the lower trendline, presenting a potential long opportunity if bullish momentum continues.
Key Market Structure Analysis:
🔹 Uptrend in Progress: GBP/USD has been forming higher highs and higher lows inside a well-defined rising channel.
🔹 Support Zone: A potential buy entry is around 1.2925, aligning with the lower boundary of the channel.
🔹 Target Projection: If the price bounces from support, the next key resistance target is 1.3085.
Potential Trade Setup:
✅ Bullish Scenario:
A retest and bounce from 1.2925 could trigger a buy setup.
Upside target:
🎯 1.3085 – Key resistance level within the channel.
⚠️ Bearish Scenario (Invalidation):
A break below 1.2925 could invalidate the bullish setup and signal a deeper retracement.
Below the channel support, price might target the 1.2600 region as the next demand zone.
Final Thoughts:
GBP/USD remains in a strong uptrend, with the lower channel support acting as a key decision point. If bulls defend this level, we could see further upside momentum. However, a breakdown of the structure could shift the sentiment.
Will GBP/USD continue its bullish momentum? Share your thoughts below!
The British Pound (GBP) against the US Dollar (USD) is currently trading within an ascending channel on the 4-hour timeframe. The price is approaching a key buy zone at the lower trendline, presenting a potential long opportunity if bullish momentum continues.
Key Market Structure Analysis:
🔹 Uptrend in Progress: GBP/USD has been forming higher highs and higher lows inside a well-defined rising channel.
🔹 Support Zone: A potential buy entry is around 1.2925, aligning with the lower boundary of the channel.
🔹 Target Projection: If the price bounces from support, the next key resistance target is 1.3085.
Potential Trade Setup:
✅ Bullish Scenario:
A retest and bounce from 1.2925 could trigger a buy setup.
Upside target:
🎯 1.3085 – Key resistance level within the channel.
⚠️ Bearish Scenario (Invalidation):
A break below 1.2925 could invalidate the bullish setup and signal a deeper retracement.
Below the channel support, price might target the 1.2600 region as the next demand zone.
Final Thoughts:
GBP/USD remains in a strong uptrend, with the lower channel support acting as a key decision point. If bulls defend this level, we could see further upside momentum. However, a breakdown of the structure could shift the sentiment.
Will GBP/USD continue its bullish momentum? Share your thoughts below!
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.
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.