Forex technical analysis: GBPUSD moves above last weeks high

Outside week. Higher close?

The GBPUSD is the one of the biggest gainers in trading today and in the process has been able to extend above the high from last week's trading. The low on Monday (which was also the low going back to June 2010) took out the low from last week. So if the price is able to close above the 1.4980 level today, it will be an outside week higher close. For today that level will be eyed by dip buyers.

Looking at the hourly chart the 1.5062 is the next upside target (topside trend line). The 50% of the move down from the Feb 2015 high comes in at 1.5060. So this will be telling if the price can squeeze above that level. If so, the 1.5163 and the 100 day MA (blue line in chart below) become targets.