It reached a high of 1.1729, surpassing the 27 Nov high

The pair has been trading in a little wedge over the last week or so, but I wouldn't call this a breakout just yet (!)

Yes, we've taken out the highs for the year but only by 6 pips. In any case, a little bit more conviction by the bulls and I would be adding to my longs. I talk a little bit more on the strength of the EUR driving the pair back here in August as well.

Technically, there's not much else to hold the pair back in terms of upside potential, the level to look out for next is the 1.1800 psychological mark once we get a solid break here.

From there, it's another battle between the bulls and the bears again. But as I mentioned before, as we move closer to the 1.2000 level, there could be more pullbacks (and sharper ones) as people start taking profits from the upside move.