GBPUSD trades at the highest level since March 2020
The GBPUSD has moved to the highest level since March 2020 when the high extended to 1.31996. The high just reached 1.31979. We currently trade just below that level.
There is a swing level on the daily chart that comes in between 1.31996 and 1.32116. Those levels correspond with highs going back to December 2019 and January 2020.
Him
The price is moved above those levels at the end of December and near the midpoint of December as well. The price extended and closed above on 3 separate days (and traded above on 6 days in total), but the runs higher failed. Key area starting to be tested on the daily chart.
Drilling down to the hourly chart, yesterday recall the price chopped up and down in a narrow trading range. At the low for the day the price did stall just ahead of its 100 hour moving average. The move higher today was able to extend above last week highs at 1.3131 and 1.31423. That break open the door for further upside momentum.
More recently in the current hourly bar the price is not only traded above the August 6 high but also moved above a topside channel trendline near the same level (around 1.3185). That level is now a close risk defining level for buyers. Stay above is more bullish.
