The strong price surge on the GBP/USD currency pair chart has now recorded the latest highest level since January 2022.
At the beginning of the week, the price has jumped from the support zone of 1.34000 before breaking through the resistance zone at 1.36000.
In the Asian and European sessions yesterday (Wednesday), slow price movement can be observed above the zone before the upward pattern continued in the New York session to new heights.
Until today's trading (Thursday), the price has reached the target level of 1.37000 before the momentum eased for a while.
The current situation in the market still shows the weak performance of the US dollar while the Pound took the opportunity to strengthen its value.
Investors are once again focusing on the Federal Reserve's (Fed) monetary policy in preparation for the expected interest rate cut in September.
The US Gross Domestic Product (GDP) data report will be the focus of the New York session tonight to assess the final reading for the first quarter of 2025 growth.
Price movement is still hovering above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart, indicating a bullish trend to continue.
The 1.38000 level will be the latest target for higher gains with the price recording a new 4-year high after surpassing the 1.37400 level recorded in January 2022.
Meanwhile, for the forecast for a price reversal, the 1.36000 zone will be approached again if it is pushed back down.
Failing to bounce back up, a bearish signal will push the price lower towards around 1.35000 again.
