The price movement on the chart of the GBP/USD currency pair has shown a surge at the beginning of the week up to almost 200 pips!
The Pound is among the focus this week ahead of the UK employment data and inflation data report which will be given attention by the central bank in setting policy.
The price has jumped from the RBS (resistance become support) zone of 1.3800-1.38300 to almost the resistance level of 1.40000 in the New York session yesterday.
The rise has also surpassed the last 2 weeks high of 1.39200 and will likely be the latest support level if the price makes a decline again.
The pound has taken advantage of the continued depreciation situation of the US dollar earlier this week.
Trading resumed in the Asian session on Tuesday, the rise continued past the resistance level of 1.4000 with the rate of movement seen to be slow.
Investors may be wary ahead of the UK jobs data report for March to be published at the start of the European session.
The continued rise will target a high of 1.41000 if the Pound manages to maintain its strength.
On the other hand if the price makes a decline again, the level of 1.39200 will be tested first before the lower decline will head back to the RBS zone of 1.38000.
