GBP/USD May Continue Rallying To 1.41

After GBP/USD broke out above the upward trend channel around 1.3430 the pair has remained range-bound right above resistance trend line for ten days. This trend line is obviously turning into a support and for the moment it’s withstanding all attempts to test it, as it can be observed on all time frames – from the D1 to the H1 and M30.

The height of the trend channel at its base is around 730 pips. It is logical to expect a further move to the upside for another 730 pips in favour of the GBP, which means that if the pair does not break out below the trend line again, it could reach 1.41.

On the other hand, I think the target to the downside is around 1.3300 – 1.3250. In my opinion, however, such a movement would be corrective only as the trend appears bullish for the moment.