GBP/USD Continues Its Move Up. 17 Of The Last 19 Days Trade Above 1.6600 Level

The GPBUSD moved through the 1.6600 level and has extended up to a high of 1.6637. Looking at the GBPUSD daily chart the pair has now closed above the 100 day MA for 26 straight days.  There have been moves below the key moving average line (8 in total -blue line in the chart above) but the close is of importance.  This keeps a bullish bias from the longer term perspective.

The pair has reached a 2009 high price of 1.6876 .  The 1.6600 level was/has been a level of discomfort for the pair -particular during the summer months.  Looking at the chart above, the price found sellers above the 1.6600 level for most of the summer season - with two periods when the price extended but came back down fairly quickly.The other moves above the 1.6600 were for a day.

In the last 19 trading days however, all but 2 days did not trade above the 1.6600 level. This suggests a greater acceptance of the level it seems.

So watch the 1.6600 level. The ability to break above and stay above this morning, may be a precursor of further upside momentum.  A move above 1.6637, level targets 1.6663 with ultimately the 1.6744 area being a key level on the upside for the pair.  Stops below 1.6600.

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