As the end of day approaches in Europe, the GBPUSD is trading to new session highs. The pair has moved to a new high at 1.26206 after breaking above 1.2600 with momentum. The price has since moved back toward the 1.2600 level. The current price trades at 1.2608.
Technically, there is some resistance between 1.2612 and 1.2623 (see red numbered circles on the chart above). Move above, and the pair has resistance between 1.2667 and 1.2679. The May session high was at the 1.2679 level.
Should resistance hold, traders would look toward the 1.2563 – 1.2577 area as support. It would take a move below that area to hurt the bullish bias.
Taking a broader look at the daily chart below, the 1.25987 up to 1.26798 is home to a number of swing highs going back to April 2022. Get above it, and the 61.8% retracement of the move down from the 2021 high comes in at 1.27605.
