The GBPUSD is moving to the new highs and in the process has now moved above the highs from Monday and Tuesday and the 38.2% of the move down from the mid-October high. That area comes in between 1.31855 to 1.31902 . The price is now trading just above 1.3200. The price initially moved lower at the start of the new trading day - falling below the 200 hour MA (green MA line in chart above) at 1.3116 in the process. However, after finding support buyers ahead of the swing level at 1.3095, the sellers turned to buyers with the price first extending above the 200 hour MA and then the 100 hour MA (green and blue lines on the chart above). The break above the 38.2% now sets that retracement level as a close risk defining level for traders. Staying above it is more bullish with the high from October 30 the next target at 1.3218 followed by the 50% midpoint at 1.32399. Moving above that level would have traders looking toward the 200 day moving average at 1.32769. Conversely, will be back below the 38.2% retracement, could see disappointment from the buyers in have traders looking back toward the rising 100 hour moving average at 1.3150.The dollar selling comes despite the Fed members tilting more and more toward no change in Fed policy with the odds of a 25 basis point cut down to 50-50 pricing for December. Yields in the US are higher with the 2 year up 2.3 basis points and the 10 year also up 2.3 basis points. The US treasury will auction 30 year bonds at 1 PM. -------------------------------------------------------------------------------------------------------------------------------------------• Current Price: Just above 1.3200, after breaking to new highs and pushing above the Monday–Tuesday highs and the 38.2% retracement of the decline from the mid-October high.Support Levels1.31855–1.31902:38.2% retracement zone — and swing high from MondayStaying above this area keeps the bullish bias firmly intact.1.3150:100-hour moving average — Price moved above the MA and then retested before moving back higher.Resistance Levels / Upside Targets1.3218:High from October 30 — first upside target.1.32399:50% midpoint of the October decline — next key level if momentum continues.Above 1.32769:200 day MABiasDespite higher U.S. yields and fading expectations for a December Fed cut, GBPUSD buyers (lower USD) remain in control, using the reclaimed 38.2% zone as their pivotal anchor. This article was written by Greg Michalowski at investinglive.com.