GBPUSD : Return to uptrend?

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Hello dear friends!

The GBPUSD currency pair is currently pausing trading at 1.269 and has experienced a significant recovery. Following the lower-than-expected PCE inflation data, the US dollar is struggling to find demand and create favorable conditions for the pair's recovery.

From a technical analysis perspective: GBPUSD has broken out of its downtrend with a breakout above the downward trendline at 1.269. If the pair confirms that level as a new support, buyers can show interest. In this scenario, 1.2750 (static level) and 1.2790-1.2800 can be considered as resistance levels and the next target to conquer.

What do you think? Will GBPUSD rise or fall in price?
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