GBP/USD remains in an uptrend above a rising trend line on the weekly chart. As long as this trend line support holds, the pair is likely to continue its upward movement towards the next target of 1.3100.
The trend line has been supporting the uptrend from the low of 1.0352 in September 2022. If the trend line support continues to hold, the price could find resistance at the next key level of 1.3100. A break above this level would open the door for a test of the 1.3500 area.
However, if the trend line support is broken, it would suggest that the uptrend is losing momentum and a consolidation period is needed. In this scenario, the price would find next support around 1.2000, followed by the 1.1800 area.
In conclusion, GBP/USD is in an uptrend above a rising trend line on the weekly chart. As long as the trend line support holds, the bias remains bullish and the pair could continue to rise towards the next target of 1.3100. A break below the trend line support would suggest a consolidation phase is needed, with support levels at 1.2000 and 1.1800.
