ABCD Pattern Predicts Strong GBP/USD Uptrend
Based on the GBP/USD chart, I see that this is an ABCD corrective pattern forming. At point D, the price has hit strong support around 1.29739, which suggests that the price could bounce and continue its upward momentum in the short term. The first target would be the resistance level of 1.34103, which corresponds to the previous peak C.
The 34 EMA and 89 EMA are still maintaining an uptrend, supporting the scenario that the price will continue to increase after completing this corrective pattern. The market could continue to push the price higher if supporting factors such as monetary policy and economic data continue to remain stable.
The main support level will still be the 1.29739 area and if the price holds this level, the next target will be the 1.34103 area.
The 34 EMA and 89 EMA are still maintaining an uptrend, supporting the scenario that the price will continue to increase after completing this corrective pattern. The market could continue to push the price higher if supporting factors such as monetary policy and economic data continue to remain stable.
The main support level will still be the 1.29739 area and if the price holds this level, the next target will be the 1.34103 area.
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