The European session on Wednesday trading saw the Pound Sterling continue to strengthen after being supported by the publication of UK inflation data which recorded higher-than-expected reading figures.
The rise in the GBP / USD pair chart once again tested the resistance zone of 1.37000 but the price was seen to be declining again during the New York trading session.
The price decline was due to the US dollar moving stronger during the New York session as market focus focused on the appointment of Joe Biden as the 46th President of the United States (US) to replace Donald Trump.
However, after the price dropped testing the Moving Average 50 (MA50) support level in the 1 hour timeframe, the price continued to rise again until trading in the Asian session this morning.
The price rise is still seen in the Asian session heading back to the resistance zone of 1.37000.
The price that managed to jump past the resistance will record the latest trading high level since April 2018.
However, if the resistance zone of 1.37000 remains immune to penetration, the price is expected to plunge back to the price zone around 1.36000.
Subsequently a lower decline will follow the low to the RBS zone (resistance become support) 1.35300 and also the important level of 1.35000.
UK economic sector data readings on Friday will be monitored by investors for this week's trading close for the Pound Sterling.
