Extends above the swing/MA area.
The GBPUSD is remaining in an up and down trading range with a low at 1.2144 and a high at 1.2484.
The low in the early Asian session approached the lower extreme over the last 8 trading days, but could not extend to the level, or below it. The pair's low remained well above the 38.2% of the move up from the March 20 low. That retracement level comes in at 1.20731. Typically, a corrective move should retrace to that level (it is the minimum of the sellers are to look to take more control). Failure to do so, keeps the buyers more in control.
The inability to extend lower, saw the sellers turned buyers in the Asian session as broken levels at 1.2202 and 1.22395 were retraced. The pair moved up to a swing area at 1.23038 to 1.23292 and consolidated. That area held resistance yesterday. The 100 and 200 hour moving averages are also in that area.
The price in the early North American session has extended away from that area. We currently trade at session highs at 1.2379. The swing area is now support/risk for longs. Stay above is more bullish.
On the topside, traders will now be looking for toward the 1.2400 level. The high from Thursday afternoon reached 1.2418. The swing highs from last week's trading stalled at 1.24717 up to 1.2484. If the pair is range bound (or looking for a break out of the range), and the buyers can remain in control (above the MAs/swing area), those highs are certainly potential targets going forward.
