Technical Analysis

GBPUSD trades to new highs for the day as the clock ticks to the close

GBPUSD back toward the downward sloping trend line

The GBPUSD is moving higher and looking to go out for the day near the highs. The high price has reached 1.16226. That is within 8 pips of the downward sloping trend line at 1.1630 currently. Yesterday the price moved to high of 1.1644. The 38.2% of the move down from the 2022 high reached in January is not far away at 1.16479. Moves above those levels next week will have traders next targeting the falling 100 day MA at 1.17337.

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