GBPUSD moves closer to upside targets
The GBPUSD is trading to a new day high at 1.1541 and in doing so is getting closer to topside targets. The first level is the downward sloping trend line on the 4-hour chart above at 1.1555. The other targets are swing highs from October 31, November 1 and November 2 which peak at 1.1566. Move above those levels and the upside target becomes around the 1.1600 area to a.16205. Above that and the high from October at 1.16445 becomes the upside target.
Earlier today, the GBPUSD above its 100 bar moving average on the 4 hour chart near 1.1375. And then the 50% of the move down from the October high at 1.13934. That open the door for further upside momentum.
This article was originally published by Forexlive.com. Read the original article here.