December 30, 2021

GBP/USD Rises Again to 6 Week High!

 The pound managed to perform better against the US dollar towards the end of 2021 by continuing to record the latest highs again yesterday.

On the price chart of the GBP/USD pair, the price is seen to have risen up to the level of 1.35000 in the New York session yesterday to maintain the bullish movement pattern of the price.

The US dollar, which was seen gaining initial momentum to strengthen the previous day, lost again yesterday with a more significant depreciation in the New York session yesterday.

The pound, meanwhile, received a positive injection from the Brexit report on good developments in the waters issue between the UK and Europe this week.

The price increase on display has recorded another recent high for a period of 6 weeks.

If the price movement is observed for a longer period, the price has continued to rise for the second week after successfully making a rebound from the previous key support zone 1.32000.

The continued rise is expected to head to the level of 1.35700 to record the latest 7 -week high.

Investors can still expect the price movement to remain in a bullish trend if the price continues to move above the Moving Average 50 (MA50) support level on the 1 -hour time frame.

Prices that plunge back below the MA50 level will give an early signal for a lower decline.

The decline will test the level of 1.34000 which is seen as the closest support level of the price before the decline continues to the level around 1.33600 becoming the latest RBS (resistance become support) zone.