GBP/USD Still Has Not Gave Up To Break The $ 1.4200 Zone - Kakiforex.com - Financial Market Media No. 1 in the World GBP/USD Still Has Not Gave Up To Break The $ 1.4200 Zone GBP/USD Still Has Not Gave Up To Break The $ 1.4200 Zone
InstaForex

May 25, 2021

GBP/USD Still Has Not Gave Up To Break The $ 1.4200 Zone

 The performance of the Pound Sterling earlier in the week was seen as less intelligent despite improving developments in the UK.


The UK reported the number of shoppers in the country rose by 1.1% last week with measures to ease movement restrictions.


In fact, the local health department also stated that the ban could be lifted by the end of June following studies showing the Pfizer and AstraZeneca vaccines provide effective protection against Indian virus variants spreading to the country.


The pound sterling is also seen as failing to take full advantage of the situation of the US dollar's depreciation after the US treasury returned to decline.




On the chart of the GBP/USD currency pair, the price moved lower yesterday with the daily low reaching around 1.41200.


Investors are cautious as prices moving below the Moving Average 50 (MA50) barrier on the 1-hour time frame can be an early signal for a price decline.



Yet the re -depreciation of the US dollar in the New York session saw the price return to make gains and close trades below the MA50 barrier level around 1.41500.


Continuing the Asian session on Tuesday morning, the price has continued to rise past the MA50 barrier to head back to the 1.42000 resistance zone which was also tested last week.


If the rally manages to pass the resistance zone, the price is seen heading towards the 1.43000 focus level to record the latest high level this year and also the highest since April 2018.


On the other hand if the price shows a fall, the initial support level is at 1.41000 before a continued decline will test the RBS zone (resistance become support) at 1.4000.