As the clock ticks to the weekend, what are key levels in play and why now and heading into to the new trading week for the GBPUSD?
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. Stay above and the buyers are more in control.
A more conservative risk area would come in between 1.2600 and 1.2680. That level is also a retracement of the trend move higher in 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.