GBP/USD Bullish Channel โ Buy Opportunity! 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:
๐น Uptrend in Progress: GBP/USD has been forming higher highs and higher lows inside a well-defined rising channel.
๐น Support Zone: A potential buy entry is around 1.2925, aligning with the lower boundary of the channel.
๐น Target Projection: If the price bounces from support, the next key resistance target is 1.3085.
Potential Trade Setup:
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Bullish Scenario:
A retest and bounce from 1.2925 could trigger a buy setup.
Upside target:
๐ฏ 1.3085 โ Key resistance level within the channel.
โ ๏ธ 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!