The GBP/USD pair has recently experienced a significant development, breaking below its rising price channel on the 4-hour chart. This movement indicates that the recent upward trend, which began at 1.2664 and peaked at 1.3265, has likely come to an end.
Currently, GBP/USD is positioned below a falling trend line, which adds to the bearish sentiment in the market. As long as this trend line continues to act as resistance, we can expect the downside momentum to persist, with the next key target around the 1.3060 level.
On the flip side, if GBP/USD manages to break above the falling trend line, it may suggest that the short-term downtrend from the 1.3265 high is over and could lead to a rebound toward the 1.3265 level once again. Traders should keep an eye on these key levels as they navigate the current market landscape.
Overall, the next few sessions could prove crucial for determining the pair’s direction, making it essential to stay informed and ready to adjust strategies accordingly.
by ForexInflux
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