Although still seen among the risky currencies, Pound Sterling managed to record the best daily trading performance yesterday compared to other major currencies in the market.
This is also supported by the development of vaccines in the UK through reports on Novavax Inc companies with encouraging levels of effectiveness in third phase clinical trials.
Preliminary reports state that the use of the vaccine has begun to be tested and the UK government has also ordered 60 million doses of the vaccine.
This factor also catalyzed the price jump on the GBP / USD currency pair chart yesterday as well as the depreciation of the US dollar with low US GDP readings in the last quarter of 2020.
A rise of more than 100 pips yesterday tested the 1.37400 high again but still failed to break higher before closing the New York session slightly lower.
Continuing trading in the Asian session on Friday, the price dropped to the level of 1.37000 and tested the Moving Average 50 (MA50) support level within the 1 hour time frame of the price movement which will signal the current trend trend trend.
If the price falls below the level of 1.37000, the expectation for the price to fall lower will lead to the RBS zone (resistance become support) at 1.36000.
On the other hand, if the price manages to resume yesterday's price spike, the latest price high on the GBP / USD chart will be recorded again.
The next level of focus is seen around 1.38300 for the latest high price since April 2018 trading.
