Price movements on the GBP / USD currency pair showed an increase in yesterday's trading, especially in the European and New York sessions.
The rise in prices is seen to be further driven by the depreciation of the US dollar in the market following market sentiment restored with an increase in the Wall Street market.
While the Pound Sterling did not react very well to the economic sector data published earlier in the week while the presentation of the UK budget will be the focus today.
It is still early to see a trend change on the GBP / USD chart but the price has passed the Moving Average 50 (MA50) barrier in the 1 hour time frame of price movement making investors wary of the initial signal of a bullish trend.
For a higher increase, the resistance level of 1.4000 will be tested first and if the price manages to break through, the increase will be clearer to lead to the level of 1.41000 in the SBR zone (support become resistance).
Subsequently, the key resistance zone at 1.42000 will be the target destination after the price manages to reach that level for the record high price since April 2018.
If the price continues to decline lower, the RBS zone (resistance become support) 1.38300 will be tested for the price to continue lower.
The continued decline is expected to lead to support levels around 1.37000.
