December 31, 2021

GBP/USD Continues to Rise, Reaches Latest 7 -Week High!

 Although price movements are expected to remain slow at the close of 2021 trading, this does not stop the Pound from continuing to perform positively before entering 2022.

The bullish pattern on the GBP/USD chart was successfully maintained until Thursday yesterday when it recorded the latest highs again for the 7 -week trading period.

The price slightly passed the resistance level of 1.35000 reached on the previous Wednesday and reached the level around 1.35200 then slipped again and slowed around 1.35000 to continue the Asian session this morning (Friday).

The US dollar still losing its direction of movement this week provides an opportunity for the Pound to maintain positive momentum with the latest Brexit developments on the issue of waters between the EU and the UK.

However, investors remain vigilant for the possibility that prices could plummet again on the last day of 2021 with various factors risking trading positions such as profit-taking activities.

The Moving Average 50 (MA50) support level on the 1 -hour time frame on the GBP/USD chart is still seen as a supportive indicator of the price to remain moving in a bullish trend.

The upside momentum is seen to be slowing down, but the upside target is at the high of 1.35700 if the Pound manages to strengthen at the close of 2021 trading.

However, if the price fails to stay above the 1.35000 level, a decline can take place with the price expected to reach the nearest support level around 1.34000.