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).
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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