GBPUSD trades to a new 2023 high and the highest level since April 2022

The momentum has continued for the GBPUSD. It has now broken above the June and July highs near 1.2848. The price is currently trading at 1.28655. That takes the price to the highest level since April 22, 2022

Looking at the hourly chart above, the next Topside target comes against a trendline connecting recent highs that cut across at 1.28762 (and moving higher). A move above that level increases the bullish bias.

Looking at the daily chart below, there is a topside trendline connecting highs from April 4, May 8, and June 16. (See red numbered circles on the chart below). That trendline currently cuts across around 1.2932. Above that and a swing area going back to March and April 2022 cut across between 1.2971 and 1.29987 (see green number circles).

This article was written by Greg Michalowski at Source