GBPUSD looks toward swing highs at 1.2600
The GBPUSD is trading to a new session high at 1.2589. That has the price of the pair pushing up toward the high price from yesterday at 1.2598 and the high price from Monday at 1.26002.
Moving above those levels would have traders targeting the 50% midpoint of the trend move down started on April 21 at 1.2622 followed by the swing high from May 4 at 1.26373. Breaking above would be a reverse head and shoulder break.
The selling of the dollar is being helped by stronger stocks.
- The NASDAQ index is now up 226 points or 2.01% at 11489.60.
- The Dow industrial average is also pushing to the upside up 285 points or 0.88% at 32208.
- The S&P is up 51 points or 1.3% at 3993.15