The pound sterling has been moving more gloomily since the beginning of the week, in contrast to the excellent performance exhibited last week.
Investors however still see the Pound’s strengthening imminent after the Bank of England (BOE) had already embarked on its policy tightening measures by raising interest rates at last week’s meeting.
Moving weaker at the opening of trading earlier in the week, the Pound was seen trying to rise higher against the now gloomier US dollar awaiting the release of US inflation data on Thursday.
On the price chart of the GBP/USD pair, the price was seen to have slipped to the level of 1.35000 last Monday after the price decline from the 1.36200 high zone reached following the results of the BOE meeting.
After a bearish pattern was displayed at the beginning of the week, the price started to show a rise yesterday but did not manage to break the 1.35600 level.
The initial rise of the price that passed the support level of the Moving Average 50 (MA50) on the 1 -hour time frame again signals for a resumption of price increases.
The 1.35700 level is seen as a resistance for the price before the price continues to rise testing the height zone reached last week.
The support become resistance (SBR) zone at the height of 1.36500 became the price target for a higher rise to record the latest 3 -week high.
Pound investors will look forward to BOE Governor Andrew Bailey’s speech on Thursday as well as UK economic growth data on Friday.
