GBPUSD is in a long-term uptrend from 1.0352, and the pullback from 1.3141 can be seen as a consolidation phase within this uptrend.
The bottom of the rising price channel on the weekly chart serves as a key support level to monitor. As long as this channel support holds, there is an expectation for the upside move to resume.
A break above the resistance at 1.3141 could potentially trigger another rise towards 1.3750.
However, a breakdown below the channel support would indicate that the upside move has completed at 1.3141. In this case, the pair may find support around the 1.1800 area.
Traders should closely monitor the price’s behavior around the channel support and key resistance levels for potential breakout or reversal signals.
In summary, the analysis suggests that GBPUSD remains in a long-term uptrend, with respect to the rising price channel support. A break above the resistance at 1.3141 could lead to further gains, while a breakdown below the channel support may signal a potential reversal. Traders should pay close attention to key levels and monitor price action for potential trading opportunities.
