The GBPUSD has managed to hurdle above the 1.2770 resistance level. This stride gives way to the possibility of a further climb towards 1.2827 resistance in the near future. If it manages to eclipse this level, it could well set the stage for attacking the top of the rising price channel displayed on the 4-hour chart.
However, there is always the other side of the coin. The key support level rests at 1.2673. If the pair unfortunately stumbles below this level, the price could pull back towards the 1.2610 support. If the fall continues further south, the bottom of the price channel could be the next target.
