GBPUSD Price Targeting Range Highs At 1.2400

Wed 22nd March 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• GBPUSD
• EURUSD (Covered in Video)

GBP continues to remain strong topping both the currency strength indicator tables.

Looking at the weak side of the day trader table, the USD moved from W2 to W1.

We featured GBPUSD yesterday and discussed the 1.2200 level acting as support.

The price rejected this support overnight and price has rallied into the highs at 1.2280.

If price breaks through these highs and closes above, we could expect it to trade higher.

On the higher time frame we can see price trading within a large range between 1.1850 and 1.2400.

This means that buyers could look to target the 1.2400 highs.

Technical Observations

• The GBP is S1 and USD is W1 on the day traders table.
• Price is trading within a large range between 1.2400 and 1.1850.
• If price trades through the current daily highs we could expect price to trade to the range highs.
• Buyers should look for a break and retest of the highs.
• Day traders could consider the price coming back to minor demand zones.