GBPUSD tests upside technical targets and backs off on the first test

Technical Analysis

Author: Greg Michalowski | gbpusd

High from 2019 and hourly topside trend line are upside hurdles...

The GBPUSD moved to a high of 1.43374.   That tested the January 2018 high at 1.43442 (or got within 5 pips). The price is currently at 1.4324. 


Looking at the hourly chart, the price also tested a topside trend line connecting the April 9, 11 and 13 highs (see red circles).  


Completing the technical picture, the GBPUSD closed right near the 200 week MA line on Friday. Today, that MA line is lower at 1.42252. With the price higher, the price is moving away from that key technical level (the low today reached 1.42264 just ahead of the key MA level). 

A close above that MA this week would be the first close above since October 2014 and be more bullish.

Right now...the support held and the resistance held.  The bulls are overall more in control, but there are reasons to take profit too with stops on a break of the 2018 high.  



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