The Pound currency recovered from the pressure of the strengthening of the US dollar on Thursday trading yesterday following the market sentiment eased by the report of 11 giant banks of the United States (US) announcing $30 billion deposit assistance to First Republic Bank.
The US dollar’s previously strong momentum began to ease again, moving more gloomily yesterday giving room for the Pound to rise again.
Risks are increasing at the end of the week with various factors that can obscure a clearer direction for price movements.
On the price chart of the GBP/USD pair, the price that had plunged to the 1.2000 zone was seen to bounce back yesterday and managed to close the trade at the end of the New York session above the 1.21000 level.
Continuing trading in the Asian session this morning (Friday), prices are seen to continue to rise higher.
A bullish price signal is also assessed after the price starts to move above the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart.
The price increase if continued is seen to return to the 1.22000 resistance zone which was previously reached and tested at the beginning of the week but has not yet been breached.
If the price manages to rise higher beyond the zone, the latest target will be around 1.23000 for the price to reach.
On the other hand, if the price plunges back below the 1.21000 level and crosses the MA50 support, the bearish signal will push the price back towards the 1.20000 concentration zone.
If the breakout is lower, the price is expected to reach around 1.19000 to give an indication of further movement.
Go to Source of this post
Author Of this post: Unknown
Title Of post: GBP/USD Back Up, From $1.2000 Now Heading To $1.2200
Author Link: {authorlink}