In contrast to the Euro, which weakened significantly, the Pound Sterling currency was more brilliant to trade, rising on Tuesday yesterday.
Yesterday's European session focused on the publication of the UK jobs report which saw encouraging job growth and an increase in average wages. However, the unemployment rate remained at the same level after the previous surge.
The focus will now be on the release of inflation data in the European session today (Wednesday) and will signal the monetary policy setting decision by the Bank of England (BOE) thereafter.
As the US dollar continues to move darkly in the market, the Pound took advantage of the situation to rise again after a slight decline at the beginning of the week.
On the price chart of the GBP/USD currency pair, it can be seen that the price successfully bounced back up from the 1.22000 zone which is a support for the price.
At the beginning of the week the price had made a drop to the zone, but the price was restrained from falling lower.
The increase exhibited yesterday has reached the high level of 1.23000, which is among the concentration levels that the analysts also expected and is now the latest resistance for the price.
After touching that level, the price retreated a little and hovered slowly until trading resumed in the Asian session this morning.
With the surge displayed and the price still moving above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart, the bullish movement is expected to continue.
If the surge succeeds in breaking through the resistance of 1.23000, the higher rise will continue towards the resistance zone at 1.24000.
The rise will also record the latest high for the price for a 5-week trading period.
However, if the price decline happens, the support zone at 1.22000 will once again be the focus to be tested.
If the breakout price is lower, the decline will continue towards the 1.21000 level after showing a bearish trend change.
