The GBPUSD has moved to new highs and test recent swing high at the 1.25288-413 area (yellow area and red numbered circles). Also in the area is the 50% retracement of the move down from the June 10 high at 1.25313.
That area was tested last Thursday and the test stalled the rally. Today the price is extending above last week's high but still has the swing hi from June 24 at 1.25413 to get to and through.
Earlier today, the price dipped down to test its rising 100 hour moving average (blue line currently at 1.24777). However, the break could not develop any additional momentum lower and when the price move back above, the sellers gave up and turn to buyers.
Helping the buyers, is a decline in the EURGBP. That fair tried to extend above its 200 hour moving average in trading yesterday, but stalled and rotated back below the moving average level. The last few hours have seen the price extend below its 100 hour moving average at 0.90263. The pair is looking toward a swing area between 0.8997 and 0.90054.