As we turn the page into a new trading week for the GBPUSD, what are key levels in play and why?
This week, the price of the GBPUSD moved above the 61.8% of the move down from the 2021 high to the 2022 low. That level comes in at 1.2760 and is now close support and close risk for the buyers. Stay above and the buyers are more in control on the daily chart. Move below, and the bias tilts on the modest failure (more neutral on the failed break above the 61.8%). A more conservative risk area for bulls would come in between 1.2600 and 1.2680. That level is a swing area on the daily chart and also a retracement of the trend move higher from the trading this week.
On the topside, more upside momentum would have traders eyeing 1.3000 as the next most important target.
For now, and for this week, the buyer took firm control and also made some key breaks that traders will now look for as key support.