The Pound Sterling continued to move strong throughout the week. Is the Pound able to reach a high of $ 1.4000 against the US dollar?
As far as trading until the New York session yesterday, the price continued to rise on the GBP / USD currency pair chart and managed to overcome the resistance of 1.38300 to reach the latest high around 1.38650. That level is the highest since April 2018.
Developments in the UK, Prime Minister Boris Johnson informed of the pandemic situation where as many as 13 million people have received the first dose of vaccine.
He added that UK citizens need to be prepared to receive additional vaccine injections following countries facing new virus variants.
Confidence in the economic recovery based on the development of vaccination in the UK is seen to continue to have a positive impact on the Pound Sterling.
With the US dollar continuing to depreciate as well, the price on the GBP / USD chart has the potential to continue rising to 1.40000 levels.
Price movements are also seen still above the support level of Moving Average 50 (MA50) which will support the bullish price trend.
Even so, investors remain wary of the risk of falling prices.
The RBS (resistance become support) zone at 1.37000 is seen as the main focus level on the initial decline in prices with a signal for the beginning of a bearish trend.
The lower downtrend will return to previously important levels around 1.36000 and also 1.35000.
UK inflation data on Friday will be the focus of investors who will affect Pound Sterling trading over the weekend.
