GBP/USD Climbs to $1.2400, 2-Month High!


 A bullish pattern is displayed on the chart of the GBP/USD currency pair yesterday reaching a new high with daily gains of almost 100 pips recorded.

The pound managed to strengthen its position against the US dollar which was trading weak again in the market towards the end of the week.

The final reading of the economic growth of the United States (US) for the fourth quarter of 2022 recorded a slight decrease compared to expectations to remain, negatively affecting the movement of the currency king.

In the New York session tonight, US consumer personal spending data will be watched and will affect the US dollar to end this week's trading.

Risks are increasing in today's final sessions for the first quarter of 2023 trading closes at the end of March and any price movement shocks are possible.

The GBP/USD chart has seen the price have successfully jumped from the 1.23000 level to reach the target height of 1.24000 continuing trading in the Asian session this Friday morning.

The trend remains bullish with the price movement remaining above the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart and the rise is likely to continue.

For the next target, the price will go to the level of 1.25000 and record the latest highest level since June 2022 trading after surpassing the height reached last January.

But be careful if the price changes direction again at the last moment, seeing the price plunge back to yesterday's support level at 1.23000.

The continued decline is seen to test the RBS zone (resistance become support) 1.22000 which was an important zone for the price before.

Passing the zone will give a clear signal for the movement of the bearish price trend while the factors hovering in the market will be noticed by investors.