GBPUSD moves to new week highs

Technical Analysis

Author: Greg Michalowski | gbpusd

Trades at highest level since March 18

The GBPUSD has moved to a new week high (and high going back to March 18).  The run to the upside took out the high from yesterday at 1.19724. The high for the day has reached 1.20307.  Having said, volatility remains high. The current price is around the 1.2000 level.   Close support will eye the high from yesterday on the hourly chart at 1.9724.  Other support that would keep the buyers more in control comes in at 1.19328 (high from March 20).
 
Trades at highest level since March 18

If the buying can continue, the next target is up at the 38.2% of the move down from the March 9 high. That comes in at 1.20926. A topside trend line comes in at 1.2111. 

The run to the upside has been able to move above and away from the 2016 low at 1.1840 and the 2019 low at 1.19578.  Keep those levels in mind going forward. If the price of the GBPUSD can remain above each, the longer term chart is showing the bottom is in (risk from that perspective). 

The GBPUSD moves above the 2016 and 2019 lows


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