GBP/USD Update: Continuing Upside Momentum

The GBP/USD pair has seen a strong upward movement, rising from 1.2664 to a high of 1.2952. This latest surge has allowed it to break above the resistance level at 1.2942.

As long as the price remains above the rising trend line on the 4-hour chart, we can expect this upward trend to continue. The next target will likely be around 1.3000, followed by a previous high at 1.3044.

Initial support is at 1.2900. If the price drops below this level, it may indicate a period of consolidation in the uptrend that began at 1.2664. In this case, the pair would likely find support along the rising trend line. A break below this trend line could signal the end of the uptrend.

Traders should closely monitor these key levels to make informed decisions in the GBP/USD market!

by ForexInflux