After leveling off at the close of last week, the GBP/USD currency pair chart surged higher at the opening early this week.
Last Friday, the price moved slowly below the 1.35000 level which was a resistance for the price.
However, the price increase on Monday yesterday has surpassed that resistance and reached a level around 1.35500 in the New York session.
The price increase is due to the depreciation of the US dollar currency influenced by issues of focus in the market including the Ukrainian attack on Russia last Sunday.
In addition, President Donald Trump threatened to raise steel and aluminum import tariffs to 50% after accusing China of violating the previous tariff cessation agreement.
The US dollar is trading weak again and opens up space for the Pound to increase its trading value again in the market in early June.
The price moving above the Moving Average 50 (MA50) support line on the 1-hour time frame of the GBP/USD chart signals a bullish trend.
There was a slight decline in the Asian session this morning (Tuesday) which was seen heading towards the 1.35000 level, but investors expect the potential for the price to continue the upward trend further.
If the increase continues, the resistance zone at 1.36000 will again be the target to be tested.
Breaking through this important resistance zone will record an increase to a new high for the trading period of 3 years.
However, if this does not happen, a downward situation can be expected with the 1.35000 level approaching and the price will also test the MA50 support line.
If the decline continues lower, the 1.34000 zone will return to the focus of trading as in previous weeks.
