GBPUSD broke above the falling trend line on the 4-hour chart, suggesting that the downside movement from 1.3362 had completed at 1.2661 already. The pair is now in uptrend, further rise could be expected and next target would be at 1.3200 area. Key support is now located at the bullish trend line on the 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.
