New intraday highs for GBPUSD

Technical Analysis

Author: Greg Michalowski | gbpusd

Extended above 200 hour moving average in the process

The GBPUSD is traded to a new session high and in the process is extending above its 200 hour moving average of 1.41539. The price has moved up to test the 50% retracement of the trading range since May 17. That comes in at 1.41609.  Getting above and staying above that level would have traders looking toward 1.4200 area.

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