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.
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.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about gbpusd trades to a new day high was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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