GBPUSD moves to new session highs as the pound rally continues

Technical Analysis

Author: Greg Michalowski | gbpusd

Breaks above last week's high

The GBPUSD is breaking above the highs from last week at 1.31179. In breaking higher, the price also moved above the 50% retracement at the same area (at 1.31185.  Stay above, is more bullish (close risk level for intraday traders looking for more upside momentum. 

 Breaks above last week's high

Earlier in the day, the price extended above a topside trend line at 1.3074 and the 38.2% retracement at 1.30796.  That got the ball rolling to the upside. Before that, the price held support against its 100 hour moving average. Bullish.

The next target comes in at 1.3150 area (high from January 7th) and the 61.8% at 1.31574. 

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