GBPUSD retests yesterday's high.

Technical Analysis

Author: Greg Michalowski | gbpusd

Looks toward the 61.8% retracement near the 1.2600 level

The GBPUSD is moving higher with the USD selling seen in the market. 

Looks toward the 61.8% retracement near the 1.2600 level
The price took out the intraday ceiling at 1.25669 and the buyers entered .  The price is retesting the high price from yesterday at 1.25913. The high price just reached 1.2592 but backed off. We currently trade at 1.25817.

On the topside the pair is getting closer to the next target at the 61.8% retracement at 1.25975. The natural resistance at 1.2600.  Support should now be at the old intraday ceiling at 1.25669. 

A move above the 1.25975 should have traders looking toward the 1.2607-17 area. That is home to some swing levels going back to early to mid June (see green numbered circles in the chart above).  A move above that level will have traders looking toward the 200 day moving average up at 1.26841.

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