The Pound Sterling currency stole the spotlight on the opening trade earlier this week as it continued to show consolidation since the Asian session began Monday morning.
With market sentiment still not in favor of the US dollar, prices on the GBP / USD pair have jumped higher than last week.
The pound managed to capitalize on the strengthening against the US dollar, which remained weak over the past week with a rise that tested the resistance zone at 1.38600.
Moving on the 1 hour time frame on the GBP / USD chart, the price is moving back above the Moving Average 50 (MA50) support level signaling the price to resume the previous bullish trend.
The Asian session today continued to see the price soar above the high level of 1.38600 reaching the latest high of around 1.39000 before the price started moving slowly until the beginning of the European session.
The Sterling pound is expected to continue to strengthen this week after UK Prime Minister Boris Johnson is optimistic about his target of 15 million vaccinations in the UK. This will encourage the re-easing of movement restrictions as well as support economic recovery.
The price hike is likely to reach a high of 1.4000 for the price continues to hunt for the highest record since April 2018.
However, in the event of a price decline, the RBS zone (resistance become support) 1.38600-1.38300 will support the price fall.
The next lower decline is seen to lead to the support level of 1.37800 before reaching the lower RBS zone at 1.37000.
