If you’re keeping an eye on the GBP/USD currency pair, there’s some interesting movement to note! Currently, the pair is maintaining its position within a rising price channel on the 4-hour chart, indicating a continued uptrend that began at 1.3001.
As long as the support level of this channel holds firm, we can expect the bullish momentum to persist. A breakout above the resistance level at 1.3434 could pave the way for further gains, potentially pushing the price towards the 1.3500 mark, and even reaching up to 1.3600.
However, it’s essential to keep an eye on potential downside risks. If the price breaks below the channel support, we might see a decline back to the next support level at 1.3312. Falling below this level would suggest that the upward movement from 1.3001 has likely peaked at 1.3434. In that case, the next targets to watch would be around 1.3260, followed by 1.3140.