GBPUSD’s upside movement from 1.2785 extended to as high as 1.3175. Near term support is at the bottom of the rising price channel on the 4-hour chart. As long as the channel support holds, the upside movement could be expected to continue and next target would be at 1.3250 area. Key support is at 1.3056, only a breakdown below this level could bring the price back towards 1.2800.
