GBP/USD Uptrend: What’s Next for the Pair?
Currencies / British Pound Aug 30, 2024 - 06:48 AM GMTBy: Submissions
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/
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