New highs for the week. Highest level since October 6th
The GBPUSD is trading back above 1.2700. That takes out the high from yesterday at the 1.26948 and trades at the highest level since October 6.
The price action this week,has also been able to extend back above the flash crash high from October 7.. That level came in at 1.2620.
The pair is moving closer to key resistance against the 100 day moving average at the 1.2802 level currently. The low price from July at 1.2791 is also a key level on the top side for this pair as it continues to chip away at the Brexit decline.
The move to the upside is being helped by a continued fall in the EURGBP. It has moved back below 0.8400 (trades at 0.8386). The low from yesterday (the price fell and retraced nearly the whole move lower) and the lower trend line on the hourly chart below are the next key targets for the pair.
