GBPUSD’s upward movement from 1.2109 extended to as high as 1.2531.

Further rise is still possible after a minor consolidation and next target would be at 1.2600 area.

Near term support is at the rising trend line on 4-hours chart and the key support is now at 1.2423, only break below this level could signal completion of the uptrend.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle