GBP/USD Aims To Break The $ 1,4200 Resistance Again - Kakiforex.com - Financial Market Media No. 1 in the World GBP/USD Aims To Break The $ 1,4200 Resistance Again GBP/USD Aims To Break The $ 1,4200 Resistance Again
InstaForex

June 8, 2021

GBP/USD Aims To Break The $ 1,4200 Resistance Again

 The re -depreciation of the US dollar after the market reaction to the US NFP jobs report last Friday re -supported the upside on the GBP/USD currency pair chart from declining.


The performance of the Pound last week was weighed down by reports of the emergence of the latest Coronvirus variant which is seen to affect the economic recovery.


However, UK Prime Minister Boris Johnson in a recent statement informed that based on current economic data, the implementation of the easing of economic sanctions will not be hindered.


This gives positive sentiment for the UK economy to be fully operational again on 21 June.




Continuing this week's trading, the 1.42000 level is seen as still a resistance zone on the GBP/USD chart that the price needs to break.


The price increase that managed to pass the zone is expected to head to the latest high of 1.43000.



Reaching that level will record the highest price level successfully reached since April 2018 trading.


However, if the price returns to decline, the 1.41000 level remains the price support zone as in previous weeks.


If the zone fails to support a rebound, a lower decline is seen leading to a lower support level at around 1.4000.


As for the Pound, investors will focus on the release of UK Gross Domestic Product (GDP) growth data on Thursday.