GBPUSD trades to a new high for the year, but backs off

<p>The GBPUSD moved to another new high for 2023, and high going back to April 2022. Looking at the daily chart below the price approached a topside trend line on the daily chart at 1.2944. The high price got within 10 pips of that level at 1.2934 before rotating back to the downside. </p><p>The price rise today also moved above a topside trend line on the hourly chart (see video). The correction lower has taken the price back below that trend line (near 1.2900) giving sellers some hopes for a top being in place if the price can stay below the 1.2900 area.</p><p>To see the full analysis and set up your trading, watch the video above. </p>

This article was written by Greg Michalowski at www.forexlive.com.