Pip low to high range is up to 82 from 40 at the start of the NY session
The GBPUSD has extended to a new intraday high as London traders look to exit. The move higher in the New York session as taken the low to high trading range up to 82 pips from 40 pips at the start of the NY session. The 22 day average is around 88 pips. There was room to roam earlier in the day, and the pair has roamed (to the upside - see post from earlier in the day outlining the trade).
The catalyst technically was the break above its 100 hour moving average (blue line in the chart above). Once broken, the sellers turned to buyers, and the price stepped higher over the last few hours.
The pair is now approaching the next swing area between 1.4179 and 1.41828. Move above that level and traders will start to target the high price for the week at 1.42196, with interim resistance target at the natural 1.4200 level.
Taking a broader look at the weekly chart below, the high for the year from February 24 reached 1.42400. That is the next upside target on a move higher.
A move above that level would have the pair trading at the highest level since April 2018. The next key target would be the 50% of the trading range since the 2014 high. That level comes in at 1.42996 (call at 1.4300).
