The GBPUSD has extended higher and in the process has moved above a swing area between 1.28168 and 1.28272 and extended to the high price from Monday at 1.28449. The price is also near a downward-sloping trendline connecting recent highs at 1.2849.
So far traders have leaned against the high for the week, but remains above the swing area. It would take a move back below the swing area low at 1.26168 now (the lower the swing area) to hurt the short-term bullish bias AFTER the break higher today.
The buyers are making a play. The highs from 2024 at 1.28599 (June 2024 high) and 1.28931 (March 2024 high and highest level since July 2023) are also targets on more momentum. Get above 1.2893 opens the door for more upside probing.
This article was written by Greg Michalowski at www.forexlive.com. Source