GBPUSD on the Daily timeframe continues its uptrend, currently traded around 1.28965 after a strong bullish rally. The pair has successfully breached key resistance at 1.25774, indicating strong bullish momentum. However, price is approaching a significant resistance at 1.29851, which could lead to a temporary pullback or consolidation.

The price is currently trading above the Ichimoku Cloud, confirming a strong bullish trend. Both the short-term and long-term moving averages are sloping upwards, supporting further price gains. The Bulls Power (13) indicator is positive at 0.02294, reflecting strong buying pressure. However, price is nearing 1.29851, a key resistance level that has historically triggered reversals. A rejection from this level could result in a retracement toward 1.2750-1.25774.

Momentum remains bullish, but price action shows potential for consolidation near resistance. If GBPUSD breaks and sustains above 1.29851, further upside toward 1.3100+ is likely. Conversely, failure to break this level could trigger selling pressure, leading to a corrective move. Traders should monitor price behavior around resistance before confirming the next direction.

Market Observation & Strategy Advice:
1. Key support: 1.25774 – A pullback to this level may provide buying opportunities.
2. Key resistance: 1.29851 – A breakout above this level could push price toward 1.3100.
3. Trend remains bullish, but rejection at resistance may lead to short-term correction.
4. Trading strategy:

• Buy breakout above 1.29851, targeting 1.3100+.
• Sell on rejection at 1.29851, targeting 1.2750.

5. Momentum favors bulls, but traders should watch for consolidation near resistance.

Market Performance:
Exchange    Last Price   % Change
EUR/USD      1.07952         +0.08%
USD/CAD     1.43440         +0.06%
USD/JPY       149.082         +0.15%

Today’s Key Economic Calendar:
AU: Balance of Trade
EU: ECB Interest Rate Decision
CA: Balance of Trade