GBPUSD trades the highest level since late April 2018

GBPUSD cracks above the ceiling area (and is staying above the area too)

The GBPUSD has moved above the key ceiling area on the hourly chart between 1.3745 and 1.37582. That area had a number of swing highs going back to January 21 (including one yesterday).  
GBPUSD cracks above the ceiling area (and is staying above the area too)

Today in the early Asian session, the price started to work into that area and break above.  The high price has reached 1.37886 (twice). Admittedly, the pair has consolidated in a range between 1.37605 1.37886 over the last 11 or 12 hourly bars.  However, the bullish news is that the price remains above the old ceiling area.  It will take a move below 1.37582 and then 1.37451 to upset the longs now.  Failure to do that and the break remains the dominant technical clue.

Looking at the daily chart, the pair has not been this high since end of April 2018. The price remains within a channel. The topside trend line currently cuts across around 1.3945. That is a ways away from here, but if the buyers can remain in control, it would be a longer-term target.   

GBPUSD on the daily chart is trading at the highest level since end of April 2018 

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Categorized as Forex

By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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