The US dollar showed little strength in the Asian session on Thursday morning after falling to a 3 -week low and moving weakly until yesterday’s New York session.
However, analysts expect the situation of the depreciation of the US dollar to continue until the end of this week's trading.
Giving room for other major currencies in the market to rise, the Pound Sterling did not lag behind to trade higher against the US dollar even though the British currency was still plagued by risks.
Concerns after reports of Johnson & Johnson’s Coronavirus vaccine were stopped following several cases of side effects of blood clots after injections, further adding to the pressure on Pound.
However the Pound managed to survive and showed a good performance this week.
It can be seen that the price movement on the chart of the GBP/USD pair continued to rise in Wednesday's trading yesterday until the latest weekly high level around 1.38000 in the SBR zone (support become resistance).
Reaching the upside to the zone in the European session, the decline was also seen before being supported by the Moving Average 50 (MA50) level in the 1 -hour time frame of price movement for the price to resume rising towards the end of the New York session.
If the rise continues, the SBR zone 1.38000-1.38300 will be tested again and if the price manages to break it, the rise will head back to the high reached last week almost around 1.39200.
However, if the price moves below the MA50 support level, the price support level is seen at the level of 1.37000.
A lower decline will push the price to the latest lows towards the support zone of 1.36000.
