The GBP/USD currency pair has recently broken above the falling trend line on the 4-hour chart, signaling that the downside movement from 1.3265 has likely concluded at 1.3087.
What’s Next for GBP/USD?
As we look ahead, a further rally is expected in the coming days, with the next target set at around 1.3200. If the price manages to break above this level, it could then aim for the previous high of 1.3266.
Key Support Levels to Watch
- Initial Support: The first key support level is at 1.3125. If the price falls below this threshold, it could trigger another decline to test the support at 1.3087.
- Further Bearish Outlook: Should the price break below 1.3087, the next area of focus would be the 1.3040 level.
Conclusion
Traders should closely monitor these resistance and support levels for potential trading opportunities. While the GBP/USD pair shows signs of a potential rally, the support levels will be crucial in assessing any chances of a downward movement. Stay updated for the latest market trends!
by ForexInflux
No comments:
Post a Comment