The GBPUSD is training to new highs in the processes moving above the 61.8% retracement of the April trading range at 1.25519. The prices also tilting above the 200-day moving average just above that level at 1.2555. The price is currently trading at 1.2560. This is the first move above that moving average since April 10.
Buyers are making a play after breaking above the 50% midpoint earlier today at 1.25035 staying above that level on the corrective move lower in the early European session. Now with the move above the 61.8% retracement, and the 200-day moving average,, there is more upside potential.
This article was written by Greg Michalowski at www.forexlive.com.
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