GBPUSD moved to new highs heading into the close

The GBPUSD moved to new highs heading toward the close. The price has reached 1.23919. That is the highest level since 2023. Looking at the hourly chart, the price is also moving away from a swing area between 1.2343 to 1.2360. That area is now risk (see green numbered circles).

The next target comes in at 1.2409 which is a topside channel trend line. Get above that level and traders will be looking toward the daily chart. Back in December and January, the high prices came in at 1.2445 and 1.2447. That double top will be eyed as the next key target on a break above the topside channel trend line on the hourly chart.