The GBPUSD currency pair has exhibited notable strength as it extended its upward movement from 1.2307 to reach a high of 1.2847. This continued rally suggests that further gains may be in store for the pair, with the next target level located around the 1.3000 area.
Traders can anticipate the bullish momentum to persist in the near term, potentially driving the pair towards the 1.3000 level. This psychological resistance level could act as a significant hurdle, and traders should monitor price action closely around this area for potential signs of a breakout or reversal.
For support, the 1.2750 level serves as an important reference point. A breakdown below this level may lead to a retracement or consolidation, potentially taking the price back towards the rising trend line observed on the 4-hour chart. Traders should pay close attention to the behavior of the price around this trend line, as a break below it could indicate a potential completion of the current uptrend.
In conclusion, the GBPUSD currency pair has extended its bullish run, reaching as high as 1.2847. Traders can anticipate further upside potential with the next target around the 1.3000 area. The 1.2750 level serves as a key support, and a breakdown below this level may lead to a retracement towards the rising trend line on the 4-hour chart. Traders should closely monitor price action and utilize appropriate risk management techniques to navigate potential market fluctuations.