GBP/USD broke out to a four year high today and is nearing resistance at the 2009 high.
I haven’t written about the pair since mid-September as it muddled around 158.00 but today it finally broke 160.00 in Europe. A pullback to 159.80 caught the retracement and the pair has climbed a full cent in US trading.
GBPJPY daily
Technically the target is the 2009 high of 163.09. That’s a big level and if it breaks, we could be talking about 200 or even 250 in the not-too-distant future. After all, the pair has climbed 30-cents in the past year, what’s another 90?
That’s especially impressive is that today’s gains in the pound come despite soft retail sales data.
