GBPUSD extended its bullish movement from 1.2774 to as high as 1.3138. As long as the price is above the bullish trend line from 1.2774 to 1.2852 on the 4-hour chart, the upside movement could be expected to continue and next target would be at 1.3200 area. Near term support is at 1.3018, followed by the bullish trend line now at 1.2935. Only a clear break below the trend line support could signal completion of the uptrend, then the following downside movement could bring price back towards 1.2774. The 1.2774 level could be treated as the key support for the uptrend from 1.1987 (Jan 16 low), below this level could trigger another fall towards 1.1946 (Oct 7, 2016 low).

gbpusd 4-hour chart


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