Not to be outdone to strengthen, the Pound Sterling performed well heading into the weekend after successfully continuing yesterday’s gains against the US dollar after a weak move earlier this week.
The price movement on the GBP/USD pair chart is seen continuing the rise for a third day to close this week’s trading at the latest weekly highs.
Despite showing a decline in the Asian session yesterday, the price re-made a rebound in the European session driven by a decline in U.S. 10-year treasury yields that made the U.S. dollar significantly depreciate until the New York session.
ISM survey data for the US manufacturing sector which recorded rising readings still failed to support the re -strengthening of the US dollar.
The price continued its surge past the level of 1.38000 and tested the level of 1.38300 at the end of the session.
Continuing trading in the Asian session on Friday morning, the price continued to rise higher from the SBR (support become resistance) zone but the price increase was slower.
Investors will be more vigilant for trading today ahead of the US NFP jobs data report with most banks closed in conjunction with Good Friday which will add to the risk of volatile movements in the market.
The price is seen making gains testing the 1.38400 high reached earlier in the week before the continued rise will go to the resistance zone at 1.38700.
Further, if the price manages to maintain the upside on the bullish trend until the following week, the price will be expected to return to the key resistance zone at 1.40000.
On the other hand, if the price makes a decline again, the level of 1.38000 is seen to be a support level for the price to rise again.
The price that remains continuing the lower decline will head back to the support zone this week around 1.37200-1.37000.
