The GBPUSD is trading to a new session high, breaking above the 50% midpoint of the July trading range at 1.35764. Earlier in the day, the price approached that level but encountered willing sellers, leading to a pullback to 1.3552, just below the swing area support at 1.3561.
However, buyers quickly returned, lifting the pair back above the midpoint and pushing to fresh highs. With this latest move, close support is now eyed at 1.3561—a level buyers will look to defend if the upside momentum is to continue.
The next upside target lies at 1.35918, and a continued push higher could open the door toward the 61.8% retracement level at 1.36265.
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This article was written by Greg Michalowski at investinglive.com.
