Testing the 61.8% of the move from the December 31 high.
The GBPUSD has extended to new session highs as the dollar wilts.
The high price just reached 1.31565. That was just short of the 61.8% retracement of the move down from the December 31 high at 1.31574. In the process the pair is testing the swing highs from last week that come in between 1.31498 and 1.31694.
The price is also moving away from a topside trend line currently at 1.3132 and the 50% retracement at 1.31185. For longs looking for more upside, stay below those levels is more bullish.
This week, the lows were supported by a trendline off of the last 2 weeks low levels. On Thursday the price moved above both the 100 bar moving average on the 4 hour chart and the 200 bar moving average on the 4 hour chart (blue and green moving average lines). The run higher was helped by the Bank of England keep rates unchanged and being less dovish/more hawkish. The move to new highs being helped today by weaker data and a weaker dollar.
