Trading earlier in the week saw the Pound Sterling depreciate after a strong move against the US dollar to record its latest high of more than 2 years.
Investors' initial expectation was a more pronounced depreciation of the Pound after UK Prime Minister Boris Johnson announced the latest movement restriction order to curb the rapid spread of the new variation Coronavirus.
However, investor concerns were eased by a subsequent announcement by UK Finance Minister Rishi Sunak with an additional £ 4.6 billion package of support to support the affected economy.
The announcement of the additional stimulus package has re-stabilized the Pound trading from falling lower.
On the chart of the GBP / USD currency pair yesterday it can also be seen that the price failed to fall lower than the low on Monday before soaring in the New York session above the level of 1.36000.
The Asian session on Wednesday saw prices hovering around 1.36000 with price movements driven by election developments in Georgia.
If the price continues to rise higher, the high level of 1.37000 will be tested which is now the main resistance before the price reaches the latest high level since April 2018 if it manages to pass that level.
However, if the price declines again, the weekly low will be recorded towards the support zone around 1.35000.
The lower downtrend will focus on the 1.34000 price zone and the next 1.33000 that have been tested previously.
