Today would be the highest close since the 1st trading day of 2016
The GBPUSD's highest close of the year came on the 1st trading day of the year - at 1.4713. Post that day, the highest close was 1.4673 on the 2nd trading day of the year and 1.4672 from May 2.
Traders have made a break above those levels and also the swing high from Feb 2016 at the 1.46667 level in trading today, and is currently making a run for the highest close (trades at 1.4702). The Brexit polls are helping the cause (as is a continued fall in the EURGBP).
The pairs price also moved above - and away from - the 38.2% of the move down from the June 2015 high at 1.46339 and the Feb high at 1.46667 level. Finally, a trend line on the daily chart at the 1.4673 (see chart above) was breached. The area between 1.4667-73 is risk for longs/buyers.
A break above the 1.4713 level would next target the high from May 3rd at 1.4769. Above that is the 200 day MA at 1.4782 and then the high price for the year at 1.4815. I would expect that on the first test of the 200 day MA (green line in the chart above) that traders would be happy to lean. It is still a ways away, but if support below holds, that would be the key target to shoot for now.
