Makes new highs after weaker Univ of Michigan sentiment
The GBPUSD is taking an eighth look above the 1.5636-49 ceiling area. There have been a number of swing highs going back to mid July that peaked in the 1.5633-49 area (see red numbered circles).
There have also been number of breaks above (this is the 8th). Each break (blue numbered circles) have failed fairly quickly. Will the 8th be the charm?
On a move above, traders will be looking for that sustained momentum. If they don't get it, the selling can start up again. (oh I wish it were not a Friday).
