GBP/USD has broken above the falling trend line on its 4-hour chart, indicating a potential completion of the short-term downtrend that started from 1.2745. The price reached a low of 1.2444 before the breakout occurred.
Based on this breakout, it is likely that a further rally could be observed in the coming days, with the next target set at the 1.2630 area.
In terms of immediate support, the level to watch is at 1.2480. If the price breaks below this level, it could potentially trigger another downward move towards the 1.2380 area.
To navigate trading opportunities in GBP/USD, continue monitoring the price action and the behavior around the breakout level and the immediate support level. Pay attention to the potential continuation of the rally towards the target area and the possibility of a breakdown below the support level. These levels will provide valuable insights into the strength of the upward momentum or the potential for further downside in GBP/USD.