Can GBP/USD Meet Forecasts To Continue Rising Again?


 Manufacturing and services sector data in the UK published in the European session yesterday failed to stimulate the Pound’s strengthening with mixed data readings but still remained at positive levels.

The same data reading for the United States (US) published in the New York session also did not have a significant impact on the movement of the US dollar.

Investors are still pinning hopes for the Pound to strengthen after the central bank of England (BOE) raised interest rates at a meeting last week, as well as a report of encouraging UK inflation data this week.

On the price chart of the GBP/USD pair, the price that jumped to the resistance level of 1.33000 on Tuesday and Wednesday again saw a decline again to the focus zone of 1.32000.

Thursday's trading saw the price move horizontally around the zone until the end of the New York session.

The bearish trend of the price is evaluated by investors following the price moving below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame.

The Asian session this morning (Friday) showed a slight upside at around 1.32000 and tested the MA50 barrier.

If the price manages to make a rebound at the end of the week, the resistance zone of 1.33000 will return to be reached.

Prices that pass the resistance will record the latest weekly highs with expectations heading to the level of around 1.34000.

On the other hand if the price plunges lower below the zone of 1.32000-1.31700, the initial support level that the price will target is seen to be at 1.31000.

A further decline in the price will continue to test the main support zone of the price at 1.30000.