Forex technical analysis: GBPUSD pushes up to the 1.3600 level

Technical Analysis

Author: Greg Michalowski | forex-technical-analysis

Above December high and daily trend line

The GBPUSD is pushing up toward the 1.3600 level after waffling above and below a trend line on the daily chart at the 1.3454 area (see earlier post). 


As outlined in the earlier post, the 100 bar MA on the 5-minute chart (blue line in the chart below) and the intraday floor at 1.3539 area, were levels that needed to be broken to increase more of a bearish bias. The 100 bar MA (blue line) was broken, but the intraday floor at 1.3539 level did stall the fall and was the base of the last move higher.  

The subsequent run higher is moving away from the 1.3554 level (daily trend line).  It is also running away from the earlier highs for the day at 1.3566 area (see green circles in the chart below). That level (at 1.3566) is a step-higher risk for longs who are looking for more upside momentum.  Closer support comes in at the 1.35769 and 1.35701 (38.2-50% of the last move higher).  

The high just reached 1.3599.  On the topside now, a move above the 1.3600 level has September 2017 swing highs at 1.3616/18 area,  and the 2017 high at 1.36547 as the next targets for the bulls (see daily chart above).

Buyers control the day in the GBPUSD and the technicals from both the daily chart, and the shorter intraday chart, are supporting that move.