As Expected, GBP/USD Rises Above Last Week's Level!


 In line with market analysts' forecasts, the price on the chart of the GBP/USD currency pair maintained a bullish pattern at the opening of trading at the beginning of the week yesterday.

In fact, the price has managed to overcome the high level reached last week and continues to record the latest high level today (Tuesday).

Analysts maintain expectations for continued depreciation of the US dollar in the absence of recent factors that could support the recovery of the currency king.

The situation is likely to remain until the last meeting of the Federal Reserve (Fed) in December.

There is no change in the price movement trend signal on the GBP/USD chart which is still bullish when it continues to be above the Moving Average 50 (MA50) support level on the 1st time frame.

Around 30 pips of increase continued in the Asian session this morning from the level of 1.25000 which has been successfully crossed for the price to continue hunting for a new high level for the 2 month trading period.

Next, the closest price target is to test the level of 1.26000 before the next focus will be directed at the height zone of 1.27000.

Be alert if the price starts to dive below 1.25000 and get an early warning for a different price movement pattern after that.

A break below the MA50 support level would be an indication of an impending trend reversal before testing last week's end-of-week price support zone at 1.24000.

A further fall in prices will be witnessed if there are recent factors that encourage the re-strengthening of the US dollar or a significant depreciation of the Pound in the market.