The GBPUSD currency pair has continued its impressive upward move, extending from 1.2590 to reach as high as 1.3000. This surge in value has garnered attention among traders and analysts, who foresee the potential for further gains in the near future. With the next target set at the 1.3100 area, the pound sterling remains poised for further upward momentum against the US dollar.
Looking ahead, market participants anticipate the potential for further upside in GBPUSD. The next target of 1.3100 represents a significant resistance level and could attract additional buying interest. If the pair manages to break through this level, it would signal a continuation of the bullish trend and potentially open the door for additional upward movement.
However, it is important to consider that currency markets are subject to fluctuations and corrections. Immediate support for GBPUSD is currently located at 1.2903, followed by the rising trend line on the 4-hour chart. These levels are expected to provide initial support against any potential downside moves. Only a break below the trend line support would suggest a possible completion of the ongoing uptrend.
In conclusion, GBPUSD has sustained its upward momentum, extending from 1.2590 to reach as high as 1.3000. The currency pair has the potential to continue its upward move, targeting the next resistance level at 1.3100. Immediate support can be found at 1.2903, followed by the rising trend line on the 4-hour chart. Traders should closely monitor these support levels and the trend line for any potential reversals.
