GBPUSD extends higher in trace at the highest level since May 11

The GBPUSD moved lower into the early European session and in the process retested a swing area between 1.25367 and 1.25474 along with the 61.8% retracement of the May trading range at 1.2537. The price briefly moved below that level but could not find follow-through selling and quickly rotated back higher. Sellers turn the buyers and have pushed the price to the upside over the last 4 hours or so.

The prices extended to new session highs going back to May 11. Risk is now the aforementioned swing area and retracement level. Stay above and the buyers remain in control.

Moved lower into the early European session and in the process tested