Stretches above channel trend line
The GBPUSD has extended to new session highs and trades at the highest level since October 11. The move higher has now taken the price above the 61.8% of the move down from the post-GBP crash at 1.2325. It also extended above the swing high from October 19 at 1.23305 and topside trend line on the hourly chart at 1.2341. We currently are trading above and below that topside trend line level.
The close level traders may be watching now is the 1.2325 - 1.23305 (61.8% and old swing high). Find support against near this area on a correction, and the trend move keeps it's strength. Move below, and the traders may look to take back some of their enthusiasm. Intraday support comes in at 1.2300-03.