The GBPUSD currency pair has remained within a rising price channel on the 4-hour chart, indicating the continuation of its uptrend from the 1.2307 level. Traders can anticipate further upward movement in the pair, with the next target set at the previous high of 1.2679.
The presence of the rising price channel suggests that the bullish momentum remains intact. As long as the price action stays within the channel, the upward trend is expected to persist. Traders should closely monitor the upper boundary of the channel as a potential resistance level, which could influence the pair’s price movements in the near term.
In terms of support, the GBPUSD pair finds immediate stability at 1.2486. As long as this support level holds, the bullish bias remains valid, reinforcing the uptrend. However, a breakdown below 1.2486 may trigger a corrective move and potentially lead to a retest of the lower boundary of the rising price channel. A breach below the channel support would target the previous low at 1.2307.
In summary, the GBPUSD currency pair continues to trade within a rising price channel on the 4-hour chart, indicating an ongoing uptrend from 1.2307. Further upward movement can be expected, with the next target set at the previous high of 1.2679. Support lies at 1.2486, and a breakdown below this level could trigger a corrective move towards the lower boundary of the channel and the previous low at 1.2307. Traders should closely monitor market developments and employ appropriate risk management techniques to capitalize on potential trading opportunities.
