The GBPUSD currency pair has shown resilience as it failed to break below the bottom of the rising price channel on the 4-hour chart and instead rebounded from the 1.2690 level. This rebound suggests that the pair remains in an uptrend from the 1.2307 level.
With the uptrend intact, further upward movement is anticipated in the coming days. The next objective for the pair is to test the 1.2847 resistance level. A successful breakout above this level could potentially trigger a further upside move towards the key psychological level of 1.3000. Traders should closely monitor price action as the pair approaches these levels, as they may present significant hurdles for further upward progress.
Currently, the key support level is situated at 1.2690, which marks the recent rebound point. As long as the price remains above this level, the overall bullish sentiment is expected to persist. However, a break below this support level would indicate a potential completion of the current uptrend and could lead to a shift in market sentiment.
To summarize, the GBPUSD pair has demonstrated strength by rebounding from the bottom of the rising price channel and suggesting the continuation of the uptrend from 1.2307. Further upward movement to test the 1.2847 resistance level is likely in the coming days, with a potential breakout signaling a move towards 1.3000. However, traders should closely monitor the price action around the key support level at 1.2690, as a break below this level would indicate a potential end to the current uptrend. Consideration of economic data, monetary policy decisions, geopolitical events, and market sentiment is essential when assessing the future direction of the GBPUSD pair.
