Based at 1.2900

In an earlier post, I spoke of how the GBPUSD was trying to base at the 1.2900 level. Stay above the 1.2900-14 area, and the buyers are in control.

There has been a couple tests of the 1.2900 level. Each has held support, and we are now seeing the price trade to new highs (above 1.2956). Nice low risk trade.

Looking at the hourly chart, the next price target would look toward a topside trend line. That line cuts across at 1.2975. With the clock ticking toward the end of the week, I would not expect a run away market, but the buyers have taken more control toward the end of the week with the move above the top of the Red Box at 1.2859, and with today's move away from the 1.2900-14 area.