Like other major currencies, the Pound Sterling also moved more positively towards the weekend following yesterday’s re -depreciation of the US dollar.
Investors were also wary of Pound trading on Friday awaiting the release of UK manufacturing and services PMI data on the European session while in the New York session the focus was on similar data for the United States (US).
In the meantime, let's first take a look at the price movement on the GBP/USD currency pair chart this week.
After the price tested the resistance zone at 1.42000, the decline was again exhibited towards the support level at 1.41000 until the Asian session trade on Thursday.
However, the re -depreciation of the US dollar pushed the price back above the Moving Average 50 (MA50) barrier level in the 1 -hour time frame of the price movement making investors wary of early signals for a change in the bullish trend.
Continuing the Asian session on Friday morning, the price moved slowly below the resistance zone of 1.42000 which is a barrier for the price to continue rising this week.
However, if the price manages to continue to rise higher beyond the zone, the next price target level is seen at 1.43000, recording the latest high since April 2018.
On the other hand, if the price makes a decline again, the price will return to support at the level of 1.41000 as yesterday or a lower decline will lead to the RBS (resistance become support) zone of focus at 1.40000.
