GBPUSD has been up 7 of the last 8 trading days.

The GBPUSD it is not a given up its gains for the day and trades in the red. The pair closed yesterday at 1.3901. The GBPUSD has been up 7 last 8 trading days. The high today did extend to 1.39508 which was good for the highest level since April 26, 2018.

GBPUSD has been up 7 of the last 8 trading days._

The fall off the high is looking to test the 38.2% retracement of the move up from the low seen on Friday's trade. That was the last base for the pair as it runs/trends higher. Looking at the run higher since February 4, the pair has taken 3 steps.

The 1st step higher (starting on February 4), corrected toward the 38.2% retracement of the move at 1.36722) and found buyers. Bullish.

The 2nd step starting on February 8 peaked on February 10 and corrected down toward the 50% retracement of that move at 1.3773. The pair based ahead of the level, and ran higher.

The 3rd step (peaking today), is now testing the 38.2% retracement.

When a pair trends, I like to see the 38.2% to 50% hold support on the trend legs higher. If they do hold, the buyers remain in control/the trend is still intact.

Should the 38.2% break, we should see a further probe down toward the 50% retracement level. That is also close to the February 10 swing high the rising 100 hour moving average. So it should the a strong support.

If support holds, getting back above the 1.3901 closing level from yesterday would give buyers some added confidence.