Buyers find some resistance

The GBPUSD has been on a tear today - moving about 200 pips from the low to the high. The pair has found some technical resistance against the 61.8% retracement of the move down from the may high to the may low. That level comes in at the 1.46019 level. The high price extended to 1.4603. The correction off the high moved down to 1.45765. That is near support against the swing low from April 29 and the swing high (after the break lower) from May 3rd.

SO there is a mini battle and cause for pause in the pair (i.e., some profit taking).

Now the pair did make a break higher, and the move is a trend move so on a break above the high, look for further momentum. The train has left the station on the break above the 1.4529-42 (see prior post) and it can be hard to stop. The next target above comes at the 1.46339 level (which is the 38.2% of the move down from the 2015 high). There is a topside trend line at the 1.4700 area (see prior post).