After the Pound Sterling managed to strengthen against the US dollar to its highest level since April 2018 last week, the British currency closed its weekly trading with its depreciation again.
This is a concern over the statement by UK Prime Minister Boris Johnson that, the study of new virus variations is 30% more dangerous than the original virus, further raising doubts about the effectiveness of the vaccine.
On the GBP / USD price chart last week, the price managed to reach the latest high level of 1.37400 again lower below the level of 1.37000.
Last weekend also saw the strengthening of the US dollar after investors saw the ‘red ocean’ on the US stock market give an early indication of market risk sentiment.
The factor also put the price on the GBP / USD chart lower again in addition to the Pound depreciation.
However, in the Asian session this morning, the price was seen to re-test the level of 1.37000 and also the Moving Average 50 (MA50) barrier in the 1 hour time frame of price movement and managed to break it before continuing the rise at the beginning of the European session.
The continued rise will test the 1.34000 high level reached last week before the higher rise will continue to record the latest high again.
On the other hand, if the price falls below the level of 1.37000, the decline is expected to reach the RBS zone (resistance become support) 1.36000.
A lower decline will lead to the support zone at 1.35000 and also 1.34000 again.
