The pound sterling strengthened to higher levels this month against the US dollar after hitting $ 1.4000 last weekend.
Vaccine vaccination sentiment in the UK has given investors confidence in the Pound trade for the past few weeks, prompting a move to easing movement restrictions.
Most recently, UK Prime Minister Boris Johnson has submitted a government plan on movement restrictions. He explained the easing of restrictions will be carried out in 4 stages with at least a 5 week difference between each stage.
The final phase is expected to see restrictions lifted and all sectors of the economy will be allowed to operate fully.
This positive factor will continue to support the strengthening of the Pound to a higher level in trading this week.
On the GBP / USD pair price chart, the market opening earlier this week saw the price hover above the 1.4000 level before continuing its rise after testing the Moving Average 50 (MA50) support level on the 1-hour time frame of the price movement.
The price rise leads to the high of 1.41000 with the movement in the bullish trend of the price expected to continue to maintain its momentum.
If the price manages to pass the resistance of 1.41000, the next increase is expected to lead to a new high around 1.42000.
If a price decline occurs, the price support level is seen at 1.40000 for the price to test the RBS zone (resistance become support).
A lower downtrend will head back to the RBS zone 1.38300 in anticipation of a bearish price trend change.
