Trades at the highest level since the GBPUSD crash day
The GBPUSD has pushed to another new high level - breaking above the highs for November and trades at the highest level since the GBPUSD crash day on October 7th. The old high comes in at 1.2557.
The next key target for the pair looks toward the 38.2% of the move down from the September 2016 high to the low on October 25th (not the crash low - we will ignore that low). That retracement comes in at 1.2602. Also near that level is a trend line connecting highs from September 22 and 29th. That level comes in at 1.2607. Key area.
Drilling down to the 5-minute chart is the pairs run did just peak against the topside channel trend line at the 1.2583 level. That might be it for the day that has seen the price trend during the NY session. At least traders had a level to lean against, and it seems like they did just that.....
PS GBPJPY has pushed to new highs as well. It continues to move away from the 100 day MA and looks to close above the 100 day MA for the first times since May 30th.
