GBP/USD Breaks Downtrend โ Bullish Reversal in Play?
GBP/USD Daily Chart Analysis โ February 11, 2025
Key Observations:
๐ Support Zone: The price recently bounced from a strong demand zone around 1.2050 - 1.2200, indicating a potential bullish reversal.
๐ Break of Downtrend Line: The market has broken above the descending trendline, suggesting a shift in momentum.
๐ 200 EMA Resistance: The 200-day Exponential Moving Average (EMA) at 1.2691 is a crucial resistance level to watch. A break above it could confirm a stronger bullish trend.
๐ Bullish Price Action: The price has formed a higher low and is now pushing higher, showing early signs of an uptrend.
Potential Scenarios:
โ
Bullish Case: If GBP/USD holds above the breakout level and breaks past 1.2690, we could see a move toward 1.2800 - 1.3000.
โ Bearish Case: If the price fails to hold above 1.2300, a retest of the demand zone near 1.2100 is possible.
Conclusion:
This setup favors bullish momentum ๐, but confirmation above the 200 EMA is necessary for further upside. Traders should monitor price action and key resistance levels before committing to long positions.
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