GBPUSD moves to new session highs and in the process extends above recent swing highs | Forexlive

The GBPUSD is trading to a new session high and in the process is looking to break above a swing era between 1.21425 and 1.2147. Those swing highs correspond with highs from highs from February 21 and again on February 28. The high price is currently trading at 1.2153.

The two year yield is down -55 basis points to 4.036%. The low yield for the day reach 3.999% before bouncing modestly to the upside. The 10 year note is now down 25 basis points at 3.445%.

Note that although the pair is trading to a new session high, the price action has been volatile up and down. The low prices today in the Asian and London morning session found support near the 1.20487 area. That level corresponds with a swing high ceiling from last week’s trading (see red numbered circles on the chart above). Support buyers came in near those levels and push the price back to the upside.

With the price now breaking above the top side swing area, buyers will be looking for increased momentum. A target level would be near 1.2192.

Having said that, be aware that should the momentum fade instead, trader sentiment can shift quickly. A move back below 1.2112 (the high price from Friday’s trade) would give sellers more confidence, increase their control in the short term.. For now however, the buyers are making a play.