The price chart of the GBP/USD pair also showed a surge following the reaction of the depreciation of the US dollar after a statement by Federal Reserve (Fed) Chairman Jerome Powell at the FOMC meeting earlier this morning.
While initial reactions saw the US dollar weaken, market analysts still expect a positive movement for the king of the currency for a longer period of time.
After the FOMC meeting, the focus will shift to the England central bank policy meeting at 7pm local time.
The Bank of England (BOE) is also expected to raise its interest rates, from 0.75% to 1.00% which will have a positive impact on the Pound.
If observed, the price on the GBP/USD chart has jumped almost 200 pips from the 1.24500 level reaching the high level around 1.26400 following the reaction of the FOMC meeting decision.
If the Pound strengthens after the BOE meeting, the price will continue the uptrend with the expectation that further price increases will test the resistance at 1.27000.
The next higher rise will lead to higher levels with the target being around the 1.30000 high.
However, if the US dollar manages to regain its strength and bounce back to lows, the main support zone that is seen to be the focus is at 1.24000.
Also in the spotlight is the United States (US) NFP employment data report on Friday, the price movement over the weekend will be more challenging and risky for investors.
