The Pound Sterling currency recorded the highest strengthening since April 2018 against the US dollar with a series of price hikes that were successfully maintained a few weeks ago on the GBP / USD pair chart.
With the development of a good vaccine in the UK, investors will focus on Prime Minister Boris Johnson's plans today on movement restrictions that are expected to be relaxed.
Positive sentiment in the UK will continue to strengthen the Pound trade this week and continue to hunt for the highest record for a period of 3 years.
If you look at the price movement on the GBP / USD chart, the uptrend continues at this week's market opening and the price recorded the latest high in the Asian session to around 1.40500.
However, the momentum of price movement is still slow and the price is seen to decline slightly towards the level of 1.40000 which will be the price support level.
The price hike is likely to continue higher this week towards the 1.41000 level or higher to the 1.42000 level.
However, investors still need to be wary of a bearish situation if the Pound depreciates or the US dollar strengthens again.
A price drop below the Moving Average 50 (MA50) support level over the 1-hour time frame will signal the beginning of a bearish trend change.
A lower decline is seen towards the RBS zone (resistance become support) around 1.38300 which was the previous focus.
