GBPUSD based at swing area and raced higher….
The GBPUSD is extended to a new high for the day and in the process is pushing to the high from June 22 at 1.28349 (breaking above that level now). The high from June 16 at 1.28478 is the next target. Move above that and the GBPUSD is trading at a new high going back to April 2022.
The pair spiked higher after the US jobs data and then retraced the gains falling back into the swing area between 1.2738 and 1.2759. The low corrective price reached 1.27509 within that area and found risk-focused buyers. The price started to run to the upside.
Looking at the daily chart, there is not a lot of resistance until 1.2971 to 1.29987. That level represents swindlers going back to March 2022 and for the 1st half of April 2022. On April 22, 2022 the price broke below the low of that level and raced to the downside.
GBPUSD tests the June 2023 highs.