GBPUSD Exhibits Bullish Strength as It Positions at Critical Resistance Levels

Market Analysis – February 17

GBPUSD continues to demonstrate bullish strength as it approaches key resistance levels. Technical indicators suggest the potential for sustained upward movement. The 9-period Simple Moving Average (SMA) is trending upward, providing a supportive framework for price action above $1.24950. Additionally, the MACD histogram remains firmly in positive territory, with the signal line crossing above the MACD line, reinforcing bullish sentiment. The expanding green histogram bars indicate strong upward momentum, reflecting continued buying interest among market participants.

GBPUSD Key Levels

Supply Levels: $1.25620, $1.28110, $1.34340
Demand Levels: $1.23000, $1.21000, $1.18020

GBPUSD Long-Term Trend: Bullish

The current price action supports a bullish outlook, as GBPUSD has successfully breached the resistance level at $1.25620. The formation of higher lows suggests an accumulation phase, while a bullish order block around the $1.24950 level reinforces price stability and indicates potential support within this range. The next critical resistance level to monitor is $1.28110, where the market may experience a temporary pullback.

The forecast points to continued upward movement, with GBPUSD likely to revisit the $1.25620 zone before advancing further. A successful rebound from this level could propel the pair toward $1.28110. If bullish momentum persists, the next significant target is projected at $1.34340 in the longer term. Conversely, a decline below $1.24950 could jeopardize the bullish trajectory, positioning $1.23000 as the next critical support level.

GBPUSD Short-Term Trend: Bearish

In the short term, GBPUSD is exhibiting bearish signals after failing to sustain its position above the crucial resistance level at $1.26010. The emergence of a lower high indicates potential weakness and the risk of a price reversal.
A decline below $1.25620 could increase selling pressure toward the $1.24000 demand zone. If buyers fail to defend this level, the next significant support point will likely be at $1.23000. However, traders should also consider forex signals to gain insights into potential price movements and market trends.

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