GBPUSD breaks resistance, surges above moving averages

The GBPUSD is extended to a new session high at 1.2482. Period the pair is now up 1.69%. That’s the largest gain in the pair since November 10, 2022.

In the process, the price of the GBPUSD has extended above its 200-day moving average at 1.24368. It’s the 1st move above that moving average since September 15. The 200-day moving average is now close risk. Staying above is more bullish.

The price is also above it 38.2% retracement of the move down from the July high to the October low. That level comes in at 1.24585.

The next key target comes against the 100-day moving average at 1.25122.

This article was written by Greg Michalowski at Source