GBPUSD |Bullish Continuation SetupGBPUSD remains in a well-defined ascending trend, respecting a rising trendline that has been holding price since late November. Overall market structure is bullish, with higher highs and higher lows intact.
After the recent impulsive move to the upside, price entered a corrective phase, forming a descending consolidation / falling wedge against the broader uptrend. This correction has remained shallow and is being supported by the ascending trendline and the dynamic support (moving average), indicating healthy price behavior rather than distribution.
Currently, price is compressing between descending resistance and ascending support, suggesting a potential breakout scenario. A confirmed break and close above the descending trendline would signal trend continuation, with upside targets toward the recent highs and beyond.
Key Technical Points:
Higher-timeframe trend: Bullish
Structure: Higher highs & higher lows
Pattern: Bullish continuation (descending consolidation)
Support: Rising trendline + dynamic MA
Bias: Bullish on breakout
As long as price holds above the trendline support, bullish continuation remains the higher-probability scenario. A clean breakout with volume could open the door for strong upside momentum.
