Above drawn out trend line
The GBPUSD has continued the squeeze higher today. Remember the CFTC Commitments of traders from last week showed record shorts for the GBP. They don't call it a squeeze for nothing. So be careful.
Technically the price has moved above the drawn out trend line at 1.3248. The price is trading around that level currently. The 38.2% of the move down from the high correction price (1.3979) after Brexit plunge comes in at 1.3245. Keep an eye on that level as the price corrects a little off the high. IF the area holds (the high today reached 1.3260), that may give the buyers more ammunition to squeeze a little tighter.
The EURGBP is testing 0.85000. That weakness is also helping to support the GBPUSD.
