Traders leaning against the level

The GBPUSD is once again pushing against the 1.2900 level. The price has traded to (and a little through it) on 6 hourly bars. The high price has moved to 1.2916. The NY session high reached 1.2907. We currently trade 1.2904.

Looking at the daily chart, the low back in Septembr 2016 came in at 1.29143. Do we need to bust and stay above that level? It would help technically.

The GBPUSD broke last week after the surprise UK election announcement. The price consolidated between 1.2859 to 1.2754 for 6 days (see Red Box on the hourly chart above).

Today, we are making a break to the upside. Helping the bullish scenario is that the correction in the NY session stalled ahead of that 1.2859 level (the low reached 1.2864).

Going forward, if the price can get and stay above the 1.2914 level, there is room to roam.

A potential longer term target comes in at the 38.2% of the move down from the June 2016 high (pre-Brexit) to the Jan 2017 low. That level comes in at 1.3143. That could be level to target if the bulls remain in control.

For now, however, get and stay above 1.2900 and then 1.2914. That is the immediate hurdle for the buyers/bulls.

If it cannot do that and the price ends up moving back into the Red Box (starting at the 1.2859 level), the selling could/should intensify.