Still ‘Steady’, GBP / USD Remains Traded Rising

 Investors are wary of Pound Sterling trading following the deadline for negotiations set by UK Prime Minister Boris Jonson is approaching on 15 October.


Brexit UK Chief Consulting Officer Michel Barnier is of the view that negotiations are unlikely to be reached at the October 15 conference.


Meanwhile, from an economic point of view, a speech by the Governor of the Bank of England (BOE), Andrew Bailey stated that the central bank will implement more aggressive policies in reviving the UK economy which is still affected by the pandemic.


Although the risk is still plaguing the economy, the option to implement negative interest rates is not yet appropriate.


However, against the US dollar, the Pound Sterling still managed to maintain the price as shown on the GBP / USD pair chart.


The price remains above the 1.29000 level after a decline in trading on Thursday yesterday tested the support level but failed to fall lower.


The price is rising again and is moving above the dynamic support level of Moving Average 50 (MA50) during the 1 hour time frame of the price movement for a bullish trend signal.


The Asian session on Friday also saw the price rise to the high level reached the day before with the expected resistance level of 1.3000 to be tested again before the price closes this week.



A higher rise above the resistance will record the latest 4-week high on the GBP / USD chart.


However, if the risk continues to rise for the Pound, the price is likely to show a decline to the level of 1.29000 before falling lower to the level of 1.28500.


The next decline is seen towards the RBS zone (resistance become support) around 1.27600.