Trades to highest level since May 19
The GBPUSD has also moved to a new session high as NY traders enter for the day. The move to the upside, has taken the price above a swing area between 1.3946 to 1.39558 (see red numbered circles), and more recently the 61.8% of the move down from the most recent high from March 18th. The buyers are making a play.
On the downside today, the pair did hold at the high of a lower swing area between 1.3801 to 1.38119 (see blue numbered circles). That was good news for the buyers and helped to give the buyers the confidence to push higher.
So buyers are exerting more control. The 61.8% of the recent move lower, is the most recent hurdle broken, Getting above 1.38856 to 1.38914 is the next target followed by 1.3900. From there it takes the price a 1.3900 to 1.4000ish range.
Buyers today would not want to see a move back below the 1.38461 to 1.38556 area. That would not be good for those buying the breaks higher today.
