Technical Analysis

GBPUSD ticks above swing area. Can it stay above as we head toward a new trading day?

GBPUSD moves above swing area

The GBPUSD has successfully risen above last week’s high of 1.24736. This recent peak aligns with a notable swing area dating back to April 12th (as indicated by the red numbered circles). In today’s trading session, the currency pair surpassed the swing area, fluctuating between 1.2471 and 1.24763, and eventually reaching a high of 1.24849. The current trading price stands at 1.2480.

For traders anticipating further upward momentum, maintaining support at the 1.24715 level is crucial. This will pave the way for the price to approach April’s previous highs, including 1.35344 on April 4th and the monthly high of 1.35462. Before reaching these targets, the intermediate swing area between 1.3495 and 1.34992 (represented by green numbered circles on the chart) will serve as an interim upside goal.

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