It seems that the price movement on the GBP/USD chart has already started a surge step after the price has been able to overcome the resistance trendline made to give an early signal of a bullish trend.
However, the price surge is seen to be slightly limited to the SBR (support become resistance) zone of 1.35000 to continue to move higher despite being tested several times in Thursday's trading session.
The price movement that remained traded above the Moving Average 50 (MA50) barrier level slightly boosted investor confidence for the price to remain on a spike over the weekend.
The Pound continued to receive a boost after the release of strong and up -to -date UK employment data was supported by the release of a very encouraging inflation rate on Wednesday.
As a result of these factors will also indirectly increase the market appetite waiting for the central bank of England (BOE) to implement measures to raise interest rates.
Further strengthening of the Pound's dominance is due to the USD currency falling due to profit taking activities (profit taking) after often showing excellent performance throughout November.
Investors may wait for the price target to break the SBR 1.35000 zone in the expectation that the price will be able to reach the SBR 1.36000 zone to see a clearer bullish signal.
The significant uptrend is likely to completely negate the grief experienced over the past 3 weeks to close this week’s trade by carving out a bit of joy.
But there is also the probability for the price movement to make a decline first in hitting again or ‘rebounce’ in the support zone 1.34000 before returning to record a drastic jump.
Even so, a lower decline will see the price once again head to its lowest level since December 2020 around 1.35530 and is expected to continue sinking to the bottom line.
