GBPUSD on the Verge of a Bullish Breakout

Market Analysis – May 29

The GBPUSD currency pair is approaching a pivotal point. It has reached the resistance trendline of a large symmetrical triangle pattern on the daily chart. Multiple technical indicators suggest a potential bullish breakout is imminent. This signals a continuation of the upward trend.

GBPUSD Long-Term Trend: Bullish

Over the past year, GBPUSD has been forming a symmetrical triangle. This pattern is characterized by lower swing highs and higher swing lows. It reflects a tightening range and a battle between supply and demand forces. The pattern highlights the ongoing struggle between the British Pound and the United States Dollar.

Currently, the price is testing the resistance border of this symmetrical triangle. The British Pound is showing strength following a reversal at the 1.2300 level. This suggests a growing dominance of buyers.

GBPUSD Short-Term Trend: Bullish

Technical indicators are aligning to support the case for a bullish breakout. The Hull Butterfly Indicator highlights bullish dominance on the daily and 4-hour charts. Additionally, the Moving Averages, with periods of nine and twenty-one, signal an upward trend across higher and lower timeframes.

If the breakout occurs, the next significant resistance level is the swing high at 1.2860. This presents a viable target for long forex signals. The price movement suggests strong bullish momentum.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results