Trading above highest close since 2011.
The EURGBP has moved to yet another new high for 2017 after the BOE decision.
The move higher took the price above the July 2017 high at 0.8994 and above the 0.9000 level for the first time since the US election day (the high reached 0.9023 on that day).
The price is now looking to test the November 2016 high at 0.9048. Other levels to target as the price moves to multi year extremes include:
- The swing high from June 2011 at 0.90815
- The high price from October 2016 at 0.91442.
- The March 2010 high peaked just above that level at 0.91495
The high today just reached 0.90407. So traders seem to be putting some profit taking offes in against the November 2016 highs (look for potential stops on a break above).
Drilling to the 5 minute chart below, it shows the unrelenting move higher today. The first surge moved above the high from yesterday at 0.8988. The very shallow correction stalled right near that high and took off again to the upside.
The 38.2%-50% of that trend leg higher comes in at 0.9014-0.9020. If there is a retracement off the 0.9048 area, that area should hold support if the trend buying is to continue.
Right now though there is some slowing of the trend vs. the aforementioned November highs.
