The GBPUSD is pushing to a new intraday high and is now extending away from the 38.2% retracement of the July trading range, located at 1.35263. Late yesterday, the price oscillated around that level into the U.S. close, showing indecision. During the Asian session, a corrective dip held support near the high of a key swing area between 1.3505 and 1.3514. That successful hold gave buyers the green light to push higher.
In early North American trading, the price briefly dipped below the 38.2% retracement—down to 1.3523—but quickly snapped back, reaffirming bullish control. Since then, GBPUSD has climbed to a new high for the day at 1.3561. That is near a swing area target (see red numbered circles).
Looking ahead, a break above resistance at 1.3561, would have traders looking toward the 50% midpoint of the July trading range at 1.35764.
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After parts of two days testing and now moving away from the 38.2% retracement, buyers are regaining control. The key question now: can they maintain momentum and drive toward the 50% level and beyond? That is where bullish traders are now targeting.
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This article was written by Greg Michalowski at investinglive.com.
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