It's no secret. The high at 1.34816 is getting closer
The GBPUSD is trading near 1.3470. The high for the day reached 1.34718. The GBP traders are anticipating good news out of Brexit and hopes for a recovery from the Covid vaccine.
It is no secret, the pair is inching closer to the September 1 high (high for the year) at 1.34816. Above that is the December 2019 high (and high for that year) at 1.35139. That area is the obvious resistance targets that would need to be broken for the run higher to continue in the pair.
The road higher for the GBPUSD has been a less trendy for the GBPUSD than for the EURUSD (see post here).
Looking at the hourly chart below, the pair has been trading in an up and down trading range between 1.3283 and 1.3405 (see red box). On Tuesday and Wednesday, the price did try to break above that level only to stall at 1.34408 on 2 separate occasions (double top - see red numbered circles). The failure sent the price tumbling all the way back down toward the support at the 1.3283 to 1.3291 area, before resuming the move higher yesterday and today.
In trading today, the price based against its 100 and 200 hour moving averages (blue and green lines) and has been trending higher since.
The move back above the 1.3397 to 1.34054 area has seen more buying momentum especially over the last 5 hours of trading, where the price has now shot up through the 1.34408 level, to the high 1.34718. The high for the year is just 10 or so pips away now.
Buyers and sellers will need to make a decision, with a break looking toward the 2019 high. If sellers lean against the level, the support is now at 1.34408. A move below that level would start to weaken the buyers control.
A move above would target the 2019 high price at 1.35139.
