GBPUSD failed to break below the bullish trend line on the daily chart and moved above 1.3337 resistance. Further rally is still possible and next target would be at 1.3420, followed by 1.3657. A breakout of 1.3657 resistance will confirm that the uptrend from 1.1946 (Oct 2016 low) has resumed, then next target would be at 1.4000 area.
On the downside, there is a bearish trend line with resistance now at 1.3420 on the weekly chart. If the price failed to breakout of the trend line resistance, another fall towards 1.3027 support could be seen. A breakdown below this level will suggest that the uptrend from 1.1946 had completed at 1.3657 already, then deeper decline to next support level at 1.2774 could be expected.
