Investors Shocked by GBP / USD Jump to $ 1.4200! - Kakiforex | Forex markets for the smart money. Investors Shocked by GBP / USD Jump to $ 1.4200! Investors Shocked by GBP / USD Jump to $ 1.4200!

February 24, 2021

Investors Shocked by GBP / USD Jump to $ 1.4200!

 The pound sterling shocked the Asian session on Wednesday as it jumped to its latest high above the $ 1.4200 level continuing the uptrend over the past few weeks.

On the GBP / USD pair price chart, the price has continued to rise this week after breaking the 1.4000 level which is also supported by the depreciation of the US dollar.

Investors were increasingly optimistic about the UK economic recovery when Prime Minister Boris Johnson unveiled plans to lift the 4-step movement restrictions.

At the European session yesterday, the UK employment data report was the focus but prices did not react significantly following the published report.

Despite the rising unemployment rate, unemployment claims as well as the average income index in the UK recorded a positive reading.

The price on the GBP / USD chart remains above the support level of Moving Average 50 (MA50) during the 1 hour time frame of the price movement which signals the bullish trend of the price is still maintained.

The price increase is expected to lead to the latest high of 1.43000 to test the resistance level in April 2018 trading.

Towards the European session, price movements began to decline slightly from the 1.42000 level but it is expected that the price will continue to rise with strong momentum in the Asian session.

Should the price rise again, the 1.41000 level and the MA50 support level will be tested to prevent the price from falling lower.

A lower drop will give an early signal of a bearish trend to start before the 1.40000 level is tested.

Next, the RBS zone (resistance become support) 1.38300 will return to the price target on the continuing decline.