New highs for the pair but running into the October high
The GBPUSDis back up testing the October 21 high at 1.30116. The high price just extended to 1.30107 (less than a pip from the October high).
The October highs the highest level since May 14. A move above should solicit more buying momentum in the pair.
Drilling to the hourly chart below, the bulls have gotten some help technically from the inability to move back below the 1.2969-71 area (see yellow area with red numbered circles). Instead buyers lean against the level and force the price back to the upside. The bulls still remain in control, but they need to push above the 1.30116 level to give the buyers more upside confidence.