Works toward 1.4000 level
The GBPUSD is trading to a new cycle high and the highest level since April 26, 2018. The high price has reached 1.39853 and is getting closer to the 1.4000 level. Looking at the daily chart, a topside trendline cuts across at 1.4034 currently. Getting above that level would be more bullish.
Drilling to the hourly chart below, the session lows both today and yesterday, found willing buyers against its 200 hour moving average (green line in the chart below).
After holding today, and when the price move back above its 100 hour moving average (blue line - it tested the moving average in the early Asian session), the sellers turned to buyers. The move higher pushed the price back above a broken trend line (currently at 1.3939).
The extension above the high from Tuesday's trade at 1.39508 has lead to more upside momentum. That old high level is now a close risk level for intraday traders today. Stay above is more bullish.
A dipped below the Tuesday high should see more corrective probing to the downside with the old trendline cutting across at 1.3929 (and moving higher) as another potential support target. Move below and the buyers start to lose their control.
