The GBPUSD market has maintained a steady upward trajectory, forming a distinct zigzag pattern that highlights the strength of the current bullish trend. Each significant swing low has led to bullish breaks of structure, reinforcing upward momentum and showing strong buying interest at key demand levels.
Since July, GBPUSD price encountered a significant hurdle when it approached the resistance zone at 1.3000 but was quickly rejected. This rejection led to a pullback, forming a double bottom that set the stage for a subsequent breakout. On the second attempt, the price successfully pushed above the critical zone, signaling the continuation of the long-term bullish trend.
The latest pullback found support at the Smoothed Heikin Ashi candles, halting the retracement effectively. Following this, the price surged to new highs. However, with the Williams Percent Range now indicating an overbought market, a retracement seems likely as the market adjusts to recent gains.
GBPUSD Short-term Trend: Bullish
On the 4-hour timeframe, a bullish order block at 1.3350 features a Fair Value Gap, making it a highly favorable setup. This area is expected to attract buyers during the anticipated pullback, helping to support bullish momentum toward the next supply zone at 1.36370. Forex signals may provide additional insights as the market navigates this retracement phase.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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