The 1.24832 is the swing high from March 27.
The GBPUSD is trading to a new session highs in the process is testing the swing highs going back to March 27 March 31 and April 2. Those levels came in at 1.24717 up to 1.2484. The high price just reached 1.24741. The test is on.
Taking a broader look at the daily chart, the price is also currently above the 50% retracement of the move down from the December 2019 high to the March 2020 low. That retracement level comes in at 1.24611 and now represents a risk level for longs. Stay above keeps the buyers in control. Note that the price has traded above that level on 4 separate occasions over the last few weeks, with no closes above that MA level.
Buyers are making a play in the GBPUSD with the recent highs being tested. Get above is more bullish.
