Excessive final week at 1.2958
The GBPUSD has traded to new session highs, and within the course of is up testing the excessive from final week/Wednesday at 1.2958. The pair can be now above the 38.2% of the transfer down from the January 25 excessive at 1.29417. The consumers are squeezing a bit of extra.
On a break above, the 100 bar MA on the Four-hour would be the subsequent goal at 1.2976. Above that the 50% retracement is available in at 1.2994. That was additionally the swing excessive from Feb seventh. Earmark that stage as a contact nut to crack. Simply above that’s the 200 day MA (higher inexperienced line) vidat 1.30047.
Earlier within the day, the pair did fall towards the 200 hour ma at 1.2889 and stalled forward of that stage. Yesterday, that MA stalled the autumn.
The closest threat is the 1.2938-1.2941 stage. The excessive from yesterday was at 1.2938. The 38.2% is available in at 1.2931. Beneath that and the pair will look again towards the 1.2920 the place the 200 bar MA on the Four-hour is discovered.
For now, the bulls are making the play and on the lookout for extra upside with a break of final week’s highs.