GBPUSD moves closer to the natural resistance target at 1.3800
As outlined in an earlier post, the GBPUSD moved above a swing area (ceiling) between 1.3745 and 1.37582. The subsequent lows today, remained above the upper end of that area keeping the buyers in control.
More recently, the price has moved to a new session high at 1.3797. That is getting closer to the natural resistance level at 1.3800. That is also near a topside trend line can connecting recent highs on the hourly chart. Get above that level is the next bullish target.
The same risk levels remain in place. With a fresh break of the ceiling, that level is now a floor. It would take a move below the floor to change the bias from more bullish to more bearish on the back of the failed break.
