#GBPUSD 1DAY

GBPUSD (1D Timeframe) Analysis

Market Structure:
The price has broken above the downtrend resistance, indicating a potential shift from bearish to bullish momentum. This breakout suggests that buyers are gaining control, but further confirmation is needed before entering a position.

Forecast:
A buy opportunity may arise after a retest of the broken resistance level, which could now act as support.

Key Levels to Watch:
- Entry Zone: Wait for a retest of the breakout level and confirmation of support before considering a buy position.
- Risk Management:
- Stop Loss: Placed below the retest level or recent swing low to manage risk.
- Take Profit: Target higher resistance levels or key areas for potential upside movement.

Market Sentiment:
The breakout above the downtrend resistance is a sign of potential bullish movement, but patience is needed to ensure the price holds above the retested level before entering a trade.