GBP/USD Reaches June 30th High And Backs Off

The GBPUSD squeezed up to the next target level at the 1.6743 level. This level corresponds to the June 30th high price. The high today reached 1.6741.  For a prior discussion on this level see “GBPUSD moves convincingly above the 1.6589 level and surges higher”

The price has corrected down to the 1.6656 level, just below the 1.6663 level which was a high price from August 13th.  We will keep this area in mind today.

The 100 and 200 bar MA on the 5 minute chart will also be watched for short term directional clues. Those levels come in at 1.6702 and 1.6684 respectively.  A break of either level should see further momentym in the direction of the break.

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