Watch out! GBP/USD Will Be The Latest Record High Since 2018 - Kakiforex.com - Financial Market Media No. 1 in the World Watch out! GBP/USD Will Be The Latest Record High Since 2018 Watch out! GBP/USD Will Be The Latest Record High Since 2018
InstaForex

May 20, 2021

Watch out! GBP/USD Will Be The Latest Record High Since 2018

 The pound sterling remained strong against the US dollar with continued gains on the GBP/USD chart reaching the level of analysts' expectations at 1.42000 yesterday.


Market sentiment remained unchanged since the beginning of the week seeing the performance of the US dollar remain dismal giving room for other major currencies in the market to rise.


The Pound, meanwhile, was supported by positive developments in the UK with the easing of movement restrictions in place which was seen to boost economic recovery.




After the rise in the European session yesterday reached the level of 1.42000, the price started moving horizontally in the New York session until continuing in the Asian session on Wednesday morning.


The zone was a resistance after the price failed to pass it when tested in last February trading.



With the current situation, a higher rise is expected on the GBP/USD chart heading towards the target level at the high of 1.43000 to record the latest high since April 2018.


The price hike is seen to be driven by expectations of a weakening US dollar ahead of the latest FOMC meeting minutes report.


Yet if the price makes a decline again, the nearest support level of the price is seen at 1.41000 which has managed to surpass the price on the increase exhibited earlier in the week.


The lower decline will return to the RBS (resistance become support) zone of 1.40000 which was previously a difficult price resistance level to break.