Pair trades to highest level since early May 2018

The GBPUSD traded to a high price today of 1.36219. That took the price above the May 10 high at 1.36169, but only by a few pips (5 pips to be exact). The level seems to have attracted some sellers, and the price has dipped back down toward the 1.3600 area (the low reached 1.3588 on a corrective move).

Pair trades to highest level since early May 2018_

Drilling to the hourly chart, the move to the upside today extended above the high from yesterday at 1.35529 (and based against that level). The move above the May 10, 2018 high at 1.36169 tried to go higher over the turn of the hour, but could not sustain momentum.

The trend move off the post FOMC low from yesterday has the 38.2% retracement at 1.35563. That is just above the high from yesterday at 1.35529.

Technically, if the high against the May 10, 2018 target is it (and a corrective probe is underway), it would take a move below those levels - at the minimum - to tilt the bias more to the downside. Failure to do that, and the buyers are still in firm control.

On the topside, get above the 1.36169-219 highs, and there is not much resistance on the hourly until the pair hits the topside channel trend line near 1.3681 area (and moving higher). That is a ways away, but on the break (and if the topside target is breached), the door opens up to the upside.

GBPUSD on the hourly chart