The 1.4000 wall has yet to be penetrated by GBP/USD

thecekodok

 The price movement on the GBP/USD currency pair chart yesterday gave hope to investors when displaying gains in the European session and at the beginning of the New York session.


But the excitement did not last long as the price that re -tested the 1.40000 level made a plunge yesterday following the strengthening of the US dollar after a speech by Federal Reserve (Fed) Chairman Jerome Powell.


The positive sentiment of the UK budget presented by Finance Minister Rishi Sunak does not seem to have been enough to boost the value of the Pound overcoming the significant strengthening of the US dollar in the market.


After the rise hit the resistance level of 1.40000, the price has re -slipped below the Moving Average 50 (MA50) resistance level on the 1 -hour time frame for a bearish trend signal again.


After the price fell below the 1.39000 level, trading continued in the Asian session on Friday morning hovered weakly around the 1.38800 level in the RBS (resistance become support) zone.


The lower decline beyond the RBS zone is seen to lead to the support level around 1.37000.



On the other hand if the price gets the rhythm to make a rise again, the resistance level of 1.40000 will again be tested to break the downtrend of the price.


A higher rise beyond the resistance will lead to the level of SBR (support become resistance) 1.41000 before testing the resistance zone 1.42000.


Investors will focus on the US NFP (US) job data report at a New York session tonight that will affect the movement of the US dollar.