GBPUSD price takes out the high from last week at 1.29778
The price of the GBPUSD is trained to its highest level since September 18 and in the process has taken out the high from last week at 1.29778. The high price just peaked at 1.29829.
Although higher, the pair has some technical resistance looming ahead between 1.2993 and 1.3006. Swing highs going back to September 16, September 17, and September 18 all stalled in that area (with some choppy up and down action to that area all finding sellers). It will take a move above that area, to solicit more upside momentum.
Some support levels to eye:
- Looking at the 5 minutes chart below, the 30.2% retracement of the last leg higher comes in at 1.29639. That was also swing highs from earlier in the London morning session
- The 50% retracement of the same move higher comes in at 1.2958. If the trend move higher is to continue, stay above that level would be positive for that trend idea
The GBPUSD bottomed at 1.28988 and raced up to 1.29639. The correction off of that high stalled near the 100 and 200 bar moving averages and just above its 50% retracement at 1.29314. That gave the buyers the edge and helped to push the price higher.
PS. ON the daily chart, the 38.2% of the move down from the September high cuts across at 1.29823.. That is also in the way on the topside. There is a battle going on with resistance above.
