GBPUSD Continues Strong Bullish Momentum Into New Price

Market Analysis – April 28

GBPUSD continues its strong bullish momentum into new price territories. Indicators on the GBPUSD daily chart show sustained bullish strength. The 9-day Simple Moving Average (SMA) is trending upward and currently hovers around $1.3300, supporting ongoing price action above it. The Stochastic Oscillator is positioned in the overbought region, fluctuating around the 81.91 and 84.49 levels, which signals strong buying pressure but also warns traders of potential short-term pullbacks. Despite the overbought condition, the Stochastic has not crossed downward, indicating that bullish strength remains intact for now.

GBPUSD Key Levels

Supply Levels: $1.3400, $1.3800, $1.4000
Demand Levels: $1.3210, $1.2710, $1.2100

GBPUSD Long-Term Trend: Bullish

Based on ongoing price action, GBPUSD has completed a significant bullish structure. After breaking above the previous resistance zone near $1.3210, the price retested the same level and showed a strong rejection with bullish candles, confirming it as new support. The earlier Change of Character (CHoCH) around $1.3210 was a critical signal of a trend reversal from bearish to bullish. Additionally, the formation of bullish breaker blocks (BB) around $1.2710 earlier in April served as a strong launchpad for this upward movement. Price is currently consolidating just above $1.3300, indicating preparation for the next bullish leg.

Given the current momentum and structure, GBPUSD is projected to continue its bullish rally towards $1.3800, where the next significant resistance lies. A successful breakout above $1.3800 could drive the pair even higher towards the psychological level of $1.4000. However, in the short term, any pullback is expected to find support around $1.3210. A notable reaction is anticipated with bullish confirmation patterns near this zone, providing opportunities to add to long positions, especially for those leveraging forex signals targeting the $1.3800 level.

GBPUSD Short-Term Trend: Bullish

On the GBPUSD 4-hour chart, price remains bullish, trading above the 9-period SMA at $1.3310 and maintaining higher lows. After a strong Break of Structure (BOS) near $1.3420, the market pulled back into a bullish order block (+OB) around $1.3210, showing signs of accumulation.
The Stochastic Oscillator is currently neutral at 54.61 and 41.57, suggesting room for further upward movement without being overbought. A continuation of the bullish momentum is likely to target the $1.3600 resistance area next.

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