GBPUSD trades to a new high for the year, but backs off

The GBPUSD moved to another new high for 2023, and high going back to April 2022. Looking at the daily chart below the price approached a topside trend line on the daily chart at 1.2944. The high price got within 10 pips of that level at 1.2934 before rotating back to the downside.

The price rise today also moved above a topside trend line on the hourly chart (see video). The correction lower has taken the price back below that trend line (near 1.2900) giving sellers some hopes for a top being in place if the price can stay below the 1.2900 area.

To see the full analysis and set up your trading, watch the video above.

This article was written by Greg Michalowski at Source