Looks to test Friday's high at 1.22926
The GBPUSD as extended to a new session high in early New York trading. In the process the pair is moving away from its 200 bar moving average on the 4 hour chart at 1.22648. The next upside target is just ahead of 1.22926 which is the high price reached in trading on Friday.
Above that, the 38.2% retracement of the move down from the June 2019 high to the August low comes in at 1.23077 (See the daily chart below).
The GBPUSD - on the daily chart - shows the bigger picture move down from the March 2019. high. A break above the 38.2% is only of the move down from the June corrective high (the March peak is much higher and shows the bigger trend move lower).
A move above the 38.2% would eye the mid July swing low at 1.23815. The 50% of the move down from the June high comes in at 1.23984 (but it needs that break).
