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On the daily timeframe, GBPUSD is still showing strong bullish momentum since last August. The pair has risen from the price position of 1.26901 to successfully reach the position of 1.33154. Although there was a decline in the previous few sessions, the dominant bullish pressure is still able to maintain the upward movement. However, if you look at the stochastic indicator, the chart continues to move at the 80 level, which indicates an overbought condition. This opens up the possibility of a trend reversal in the near future. Traders should remain vigilant and monitor other indicators to ascertain potential trend changes.
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