The price movement on the GBP/USD chart yesterday continued to delight Pound investors as it recorded the latest highs again for the 8 -week trading period!
The US dollar moved weakly until the beginning of the New York session yesterday with the market not reacting to the release of the US ADP NFP employment data report which rose higher than expected of the decline.
Investor reaction was seen after the report of the minutes of the FOMC meeting published earlier this morning saw the US dollar return to show strengthening again.
Before the price declined to continue to the beginning of the Asian session this morning (Thursday), the price first reached the latest high at the beginning of the New York session yesterday to the level of 1.36000.
The bullish trend of the price is seen to continue to falter compared to the expectation for the bearish trend to start at the beginning of the week.
The decline in the Asian session this morning (Thursday) will assess whether the support level of the Moving Average 50 (MA50) on the 1 -hour time frame manages to support the price rebound.
The rally, which continues to surpass the high reached yesterday, is likely to reach the 1.36500 resistance zone that was once the focus of last November's trading.
To give an early signal of a change in the bearish trend, the focus level to be tested is at 1.35000 before reaching the weekly low reached last Monday around 1.34300.
A lower decline will lead to the support zone 1.34000 and the RBS (resistance become support) zone 1.33500.
