GBP/USD Analysis: Uptrend Continues within Rising Channel

 The GBP/USD currency pair is currently following a rising price channel on the 4-hour chart, indicating that the uptrend that began at 1.3001 remains intact. This bullish momentum suggests that as long as the channel support holds, we can expect the upward movement to persist.

Key Resistance Levels:
If GBP/USD breaks through the resistance level at 1.3434, we could see further gains toward the 1.3500 area, and even the 1.3600 level could come into play. Traders should keep an eye on these levels for potential entry points, as a breakout here could signal a stronger bull trend.

Potential Downside Movement:
However, if the price falls below the channel support, the situation may change. A break below this level could see the price retreat to the next support level at 1.3312. Should it drop further, a close under this mark would suggest that the upward trend from 1.3001 has likely concluded at 1.3434. In this scenario, traders should look for targets at 1.3260 and possibly down to 1.3140.

In summary, the current outlook for GBP/USD remains positive as long as the channel support holds. Keep a close watch on the resistance and support levels for clues on the next moves in this forex pair. Happy trading!

ForexCycle