GBP/USD has broken above the falling trend line on the 4-hour chart, signaling that the downtrend from 1.3265 has likely ended at 1.3087.
What’s Next?
- Further Upside Expected:
- With this breakout, further gains are likely in the coming days. The next target is around the 1.3200 level.
- If the price breaks above 1.3200, it could aim for the previous high at 1.3266.
- Support Levels to Watch:
- Initial support is at 1.3125.
- A break below this level could trigger a pullback to retest the 1.3087 support.
- A further decline below 1.3087 would target the 1.3040 area.
Conclusion
GBP/USD has shifted into a bullish phase after breaking above the falling trend line. The next key resistance is at 1.3200, with potential gains extending to 1.3266. However, traders should watch for support at 1.3125 and 1.3087, as a break below these levels could lead to a deeper pullback. Keep an eye on these levels to navigate the pair’s next moves.