GBP/USD now has 1.30 and beyond in clear sight

For some time now, the focus here on the 200 weekly moving average on the GBP/USD has been a theme of updates here and perhaps now you can see why that price point was important. The Pound was already making progress above that level today and all it really needed was a catalyst of a weaker dollar to extend the move further. Well of course we have had that now today and the break to a new 2024 high this afternoon does offer the prospect of the Pound finally reclaiming levels above 1.30 and beyond. The previous 2024 high at 1.2894 should act as the first support level and then that 200 week moving average (1.2848) as the next. So, without ruling out a relapse to test either of those levels, the path looks clear now for more upside in the short term. The high seen so far this afternoon has been set at 1.2949. It is currently trading at 1.2932