Despite Slow Prices, GBP/USD Continues to Chase New Record Highs


 In contrast to the weakening Euro, the Pound currency managed to show a still strong pattern on Thursday yesterday although slower than the previous day's surge.

With the gloomy movement of the US dollar in conjunction with the celebration of Thanksgiving Day in the United States (US), the Pound continued to record an increase to the highest level again this week.

However, investors remain wary of uncertainty in the UK with the Brexit issue back in the spotlight.

Examining the price chart of the GBP/USD currency pair, the price has recorded a daily increase of around 100 pips yesterday, continuing the surge of 200 pips before that.

After breaking through the expected level of 1.21000, the latest high reached is around 1.21500 for a 15-week record high.

Despite displaying a more horizontal price movement towards the end of the week, the price is still moving above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart which shows that the trend is still bullish.

Continuing trading in the Asian session this Friday morning, the price is seen to flatten slowly at the 1.21000 level, the increase is likely to be expected to continue.

If the increase happens, the price will go to the height of 1.22000 to continue hunting for the latest record high.

However if the price drops below the 1.21000 level, the MA50 support level will be tested before investors assess further price movement signals.

A lower decline if continued is seen to test the RBS (resistance become support) zone at 1.2000 after the increase last Wednesday has successfully penetrated the zone.