The GBPUSD is running higher and is now up near 0.50% on the day. The run higher has taken the price above the 100 hour moving average and 50% retracement of the 2026 trading range at 1.3503. The price is also extending above the month of July at 1.35573. The high prices just reached 1.3561. That takes a price for the GBPUSD to the highest level going back to May 12.
Technically, looking at the 4 hour chart, the price extended above a swing area between 1.3543 and 1.3557. For traders looking for more upside momentum, staying above 1.3543 is a close risk level. Move back below and there could be some disappointment on the failed break. Stay above and the buyers are still in firm control with the 61.8% retracement of the 2026 trading range at 1.3589 the next target.
A move above that level with and have traders looking toward the April highs which peak near 1.3657. The high price for the year was reached back in January all the way up at 1.38671. So the break today is still quite a ways away from the high price from 2026.
Nevertheless, breaking above the 50% in the aforementioned swing area is a positive/bullish development. The door remains open for further upside momentum.
This article was written by Greg Michalowski at investinglive.com.