Like the increase in Euro currency trading, the Pound Sterling also showed yesterday's rise despite the risk of Brexit negotiations.
Examining the latest developments, European Commission President Ursula von der Leyen informed that the negotiation process was still going well. However, there are still some issues that still prevent the agreement from being reached.
Although both sides are working to reach an agreement, Leyen has warned to be prepared for a no-deal Brexit situation.
Against the US dollar, the Pound was still moving stronger in the New York session yesterday as it was also driven by the depreciation of the US dollar as shown on the GBP / USD pair price chart.
Prices showing a decline in the European session yesterday almost touched the support level of 1.33000 in the RBS zone (resistance become support) again jumped yesterday around 90 pips towards the resistance zone 1.34000.
If the momentum continues, the price is seen to continue to make a higher break through the resistance of 1.34000.
The next bullish target is seen to be heading towards the 1.35000 high.
However, if the price returns to the downtrend and moves below the Moving Average 50 (MA50) support level within the 1-hour time frame, the initial signal of a bearish trend change will be considered by investors.
The decline will return to test the RBS zone of 1.33000 and if the price manages to break through the zone, the level of 1.32000 is seen as the destination of further price decline.
