In a recent technical move, GBP/USD has broken above the falling trend line on the 4-hour chart, signaling that the previous downside movement from 1.3265 has likely completed at 1.3087.
With this breakout, there’s potential for further upward momentum in the coming days. The next target to watch is around the 1.3200 level. Should the pair break above this, it may aim for the previous high of 1.3266.
On the flip side, the initial support level lies at 1.3125. If GBP/USD falls below this point, it could trigger another drop, potentially testing the 1.3087 support again. A break below that could push the pair towards the 1.3040 area.
Traders should keep a close eye on these key levels for potential opportunities.