Pair reaches toward recent highs
The GBPUSD has had its share of ups and downs over the last few days, but the pair is currently on a run to the upside which is approaching swing high levels going back to October 20 -23 and yesterday.
The high price just reached 1.3114. The next upside target comes in at 1.31217 which was the swing high from October 23. Yesterday's high price reached 1.31388. Those highs could put a stall on the rally as traders leaned against the highs (withstops on breaks above).
What would weaken the technical picture more?
Watch the 1.30738 – 78 area and below that the 61.8% retracement at 1.30527. Yesterday in the North American session, the price extended toward that 61.8% retracement area, and found sellers. In trading today, the pair first found sellers against the level, then broke above and had a final correction down to test the retracement level one final time. That corrective move so buyers against the retracement leve
A move back below 1.30527 area should give sellers more confidence.
