GBPUSD completes down and up intraday lap

Technical Analysis

Author: Greg Michalowski | gbpusd

Back above a topside trend line

The GBPUSD has completed a down and up intraday lap in trading today. The early Asian high came in at 1.2420. The high price just reached 1.24227.   In the procecss the pair moved above a topside trend line at 1.2389.  That is a risk level now for buyers looking for more upside.

Back above a topside trend line
On the topside, if the ceiling at the 1.2420 area can be busted, the door would open for a run back toward the high at 1.2484. Below that level keep an eye on the 1.24611 level. Looking at the daily chart below, the 50% of the move down from the December high comes in at 1.24611.

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