GBP/USD Continues to Climb After 200 Pips Surge!


Last Friday, the price on the chart of the GBP/USD currency pair managed to reach a weekly high when the reaction to the United States (US) NFP employment data report was published.

If observed from the beginning of last week, the price that started hovering around 1.20600 then plunged to the 1.18000 support zone.

The price managed to make a comeback to the 1.19000 zone on Thursday, and finally recorded a daily gain of around 200 pips on Friday reaching the target level of 1.21000.

Analysts do not see clear support for the Pound currency where price movements are driven more by factors affecting the US dollar.

The Silicon Valley Bank (SVB) crisis is now the focus of the market affecting the US economy and the US dollar currency.

This situation is seen to increase the difficulty for the Federal Reserve (Fed) to implement monetary policy tightening.

The trend remains bullish on the GBP/USD chart with gains continuing at the opening of trading earlier this week.

The price made an increase in the Asian session past the 1.21000 level reached last Friday, also testing the 1.21400 resistance level.

The rise is seen to continue towards 1.22000 before going higher again to record the latest 4-week high.

However, if the price shows a decrease again, a drop below the 1.21000 level will expect the price to stop again at the 1.20000 level.

The 1.19000 zone will be an important zone if the decline continues for the determinants to assess the price trend change.