The GBP/USD pair has continued its upward trajectory, climbing from 1.2664 to a recent high of 1.3246. This strong bullish momentum suggests that as long as the price remains within the rising channel on the 4-hour chart, the uptrend is likely to persist. The next targets for the pair are around the 1.3350 area, with potential to reach the 1.3500 level.

However, traders should also be aware of the downside risks. If the price breaks below the channel support, it could lead to a pullback, testing the 1.3179 support level. A further decline below this point could bring the pair down to the 1.3070 area.

As the GBP/USD continues its upward march, keeping an eye on these key levels will be crucial for navigating the pair's next moves.

Franco Shao
https://forexinflux.com/

© 2024 Copyright Franco Shao- All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.