GBPUSD just short of the 50% of the 2024 trading range

The GBPUSD is trading at a new high and in the process is moving to the 50% midpoint of the 2024 range. The midpoint level comes in at 1.25957. The high price today has come in at 1.25922 (see 4-hour chart above).

That midpoint level will be the key barometer for the buyers and sellers in the new trading day. If the price moves above and stays above, it would be more bullish. Staying below, keeps the pair in the bottom half of the range that has divided the market since February.

Since early April, the price has mostly traded in the lower half. Only the rise above the midpoint level on the US jobs report day, took the price above that midpoint level. That break did not last very long.