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Dovish Waller Aides Longer Streak of Higher Highs

GBP
  • GBP/USD extends the recent rally to put the pair through the $1.2700 handle and for new multi-month highs. This extends the winning streak of higher highs and higher lows to four consecutive sessions, with prices now comfortably north of the 50% retracement for the July-Oct leg lower.
  • The trend direction in GBPUSD remains up and the sharp rally Tuesday reinforces current conditions.
  • The extension maintains the current positive price sequence of higher highs and higher lows and price has breached 1.2589, 50.0% of the Jul 14 - Oct 4 bear leg. This opens 1.2720, the 61.8% retracement level and 1.2759, a vol band resistance. On the downside, initial firm support to watch has been defined at 1.2419, the 20-day EMA.
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