The re -depreciation of the US dollar heading into the weekend also gave room for the Pound to slightly rise in the market.
Previously risky market sentiment was eased in hopes for Ukraine and Russia to hold diplomatic talks with the Foreign Ministers of the two countries to meet in Turkey.
As examined on the price movement on the chart of the GBP/USD currency pair, the bearish trend that continued last week is seen failing to continue this week.
After the decline hit the latest support level at 1.31000 earlier this week, the price failed to maintain the bearish momentum and flattened on Tuesday's trading above that level.
Next on Wednesday’s trading yesterday, the price started making gains and signaled for a bullish trend change after passing the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the GBP/USD chart.
A daily rise of around 100 pips was recorded yesterday for the price to hover again around the 1.32000 zone which is the latest resistance zone for the current movement of the price.
Although the price eased slightly from the zone at the opening of the Asian session this morning, a higher rise is expected for the price to continue moving in a bullish trend.
The rise above the 1.32000 level is seen to return to the SBR (support become resistance) zone at 1.33000 after last week's price decline managed to break through the zone.
For higher upside expectations, the SBR 1.34000 zone will be tested after being an important price resistance last week.
However, be wary if the US dollar manages to strengthen again and push the price lower towards the return of the support level of 1.31000.
The decline in the price that manages to pass the support will record the latest low with the target to go to the level around 1.3000.
