The GBPUSD has extended to a new high of 1.2797 which is just short of the high of the swing area between 1.2788 and 1.2800. The upside target would have traders looking toward the 2023 high from August 2023 at 1.2827. Move above that level, and the price will be trading at the highest level since August 2023.
On the daily chart, a swing area between 1.2800 and 1.2850 is the next target. Get above that area, and the door opens with the August 2023 high as a potential target. That level? That high is the way up at 1.3141.
This article was written by Greg Michalowski at www.forexlive.com. Source