The GBP/USD pair has recently dipped below the lower boundary of its rising price channel on the 4-hour chart. This signals the need for some extended consolidation after the uptrend from 1.3001. In the days ahead, we might see range trading between 1.3312 and 1.3434.
The key support level to watch is 1.3312. As long as this support holds firm, there’s potential for the uptrend to resume. A breakout above the 1.3434 resistance could pave the way for further gains towards the 1.3500 mark, and possibly up to 1.3600.
However, should the price break below the 1.3312 support, it may suggest that the recent upward move has concluded at 1.3434. In that case, the next targets would be 1.3260 and then down to 1.3140.
Keep an eye on these levels to navigate the upcoming movements effectively!
Tuesday, October 01, 2024
Navigating GBP/USD: What’s Next in the Trading Range?
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