Trend line cuts across at 1.4043
The GBPUSD pushed above the 1.4000 level for the first time since April 23, 2018. The move has sent the price to a high for day at 1.4035 and closer to a topside channel trend line at 1.40437. A move above that level would open the door for further gains, but be aware that there may be some risk focused sellers against the level as traders digest some of the upside move this week. The pair closed last Friday at 1.3843, bottomed on Wednesday at 1.3829 before running higher on Thursday and again today.
Drilling to the hourly chart below, the lows this week stalled just ahead of their 200 hour MAs (green line in the chart below). Yesterday the price spiked above the 100 hour MA, and it was off to the races. The pair moved above an old trendline and stayed above that level on tests (yesterday and again today). The move above the high from yesterday at 1.3985 has also led to a more bullish bias. If the price can stay above the the 1.3985 to 1.4000 area now, the buyers should be fine on a corrective move.
Overall, the buyers remain in control as the pair trends to the upside, but there is some cause for pause on the daily chart at the topside channel trend line (and new sellers too). Nevertheless, a corrective move lower should find support buyers near the 1.4000 level. If it breaks, and starts to take out other levels like 1.3985, then the bears can start to tell their story.