61.8% and prior swing high holding support.

Yesterday, the GBPUSD squeeze shorts a bit and then went sideways. The CBOT commitment of traders net short position in the GBP was at record levels last week.

Today the market continued the sideways in the early Asian Pacific session and then squeezed higher again as European and London traders entered. The move higher took the price above the 61.8% of the move down from the August high set on August 3rd. IT also moved above the swing high from August 5th at 1.31776 and 1.3175 respectively.

There is somewhat of an open road above these levels although if there was a "next target to get to and through, I would have to say the underside of the broken trend line (currently at 1.3201 - convenient) would be a target. We were above this line and failed earlier today.

In any case, the close risk for longs is the 1.3174. Stay above that is good for the bulls. Move below, and the waters are a little muddy. This is confirmed from the 5-minute chart below. The 100 bar MA on that chart has caught up to the price over the consolidation. The market has a decision to make. Stay above or move below and muddy the technical waters a bit.