The pound sterling showed a good trading performance on Thursday yesterday when it managed to maintain its bullish pattern against the US dollar throughout the day.
It can be seen that the price movement on the chart of the GBP/USD currency pair made an increase starting from the Asian session until the New York session trading closed close to the level of 1.40000.
Although the New York session saw a strengthening situation of the US dollar following the market reaction to the increase in US bond yields, the Pound managed to maintain its momentum.
The US dollar returned to a weak move at the end of the New York session and slightly strengthened again at the beginning of the Asian session on Friday.
The price that tested the resistance level of 1.40000 is seen to decline again when the price still fails to break the important zone.
UK Gross Domestic Product (GDP) growth data will be published in the European session and is expected to influence the movement of the Pound.
If the price manages to break the 1.4000 zone, a higher rise will lead to the SBR (support become resistance) zone of 1.41000 to record a 2 -month high.
Next the key resistance level at 1.42000 will return to focus again after the price managed to reach the highest level since April 2018 last month.
However, if the price still fails to break the 1.4000 resistance and plunges again, the RBS (resistance become support) zone 1.38300 is seen as a price support level.
The lower price drop could reach up to the support level of 1.37000.
