Moves above 1.3000 and a “swing area”.
The GBPUSD is trading to a new move high. The pair is working on the 9th consecutive day higher. The most recent swing low was on July 17 at 1.25116. The price today has reached 1.3043. The close yesterday was at 1.2994. Keep that level in mind should there be a move back to the downside. That would break the 8 day winning streak today.
The run to the upside has moved above the 1.3000 natural resistance level and a “swing level” at the 1.3011. Go back to October 2019 and that was a high. The pair had some additional swing levels around that level. Admittedly, the price action in January and February did not pay much attention to that level. As a result, I am not in love with the level. Nevertheless it was a ceiling and floor in 2019. It was also near the high yesterday (at 1.30122)….I would earmark the 1.2994 him to 1.3012 area as support today (ahead of the close). Stay above keeps the buyers in control.
Drilling to the hourly chart, the high yesterday saw a correction lower in the Asian session, but found dip buyers near the 38.2% of the last trend leg higher at 1.29454 and stalled. That kept the buyers in control.
The pair started it’s run higher (up 6 consecutive hours now). The next target comes in at a trend line connecting the high from JUly 27 and yesterday. That trend line comes in at 1.30503 (and moving higher). There may be some stall against that level with stops eyed on a break above (risk can be defined and limited). The trend is still the traders friend.
