The GBPUSD continues to stretch to the July 27 hi target at 1.2995. That is just short of the natural resistance at 1.3000. The high just reach 1.29898.
There should be willing sellers/profit taking against that level with stops on a move above. Risk is low against the dual technical levels.
Yesterday, the price moved above its 2024 high at 1.2893. The low price today was at 1.2901. The ability to stay above the previous high for 2024 gave the buyers the go-ahead to push higher and toward this next key area at 1.3000 area.
If resistance can stall the rally, the 1.2900 area would be the corrective target.
This article was written by Greg Michalowski at www.forexlive.com.
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