The GBPUSD is getting closer to the 2021 high price of 1.4240 (see daily chart below). A move above that level would then target the 50% of the move down from the 2014 high to the 2020 low. That level comes in at 1.42996 (call it 1.4300).
Drilling to the hourly chart below, the pair reached a high today of 1.42196, but has backed off of the last 4 or 5 hours and consolidates the gains for the day. (the pair has been trading between 1.41828 and 1.42196 and currently trades above and below 1.4200)
The move to the upside today got a boost after breaking above the swing highs from last week between 1.41524, 1.41578 and 1.41659. The low price after breaking above the highest high, came to 1.41637. Buyers took the ceiling and created a floor. For traders now, moving back below the 1.41659 level and then 1.41524 would not be good for the bullish break. The price must stay above that yellow area.
Taking another step to the 5-minute chart below, the pairs consolidation is trying to stay above the rising 100 bar moving average currently at 1.41951. There were some modest looks below the level over the last few hours, but could not muster much downside momentum. The best case scenario for the buyers would be to stay above that 100 bar moving average.
On more downside probing, the 38.2% -50% retracement area between 1.41858 and 1.41753 would be other downside support targets. The rising 200 bar moving average near 1.41753 is also a key level to stay above if the buyers are to keep full control intraday.
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