The $ 1.3200 Zone Is Still A Blocking Wall GBP/USD Continues To Rise

thecekodok

 The price movement on the chart of the GBP/USD currency pair is still looking for a clearer direction after displaying a bullish pattern at the beginning of last week.


The Pound’s strengthening was a bit bleak despite the Bank of England (BOE) raising interest rates at a policy meeting last week like the situation on the previous US dollar.


Investors will focus on the UK inflation data report as well as the UK manufacturing and services PMI data this week to determine the direction of further price movements for the Pound.




On the rise displayed over the weekend, the price is still stuck at the resistance zone of 1.32000 after several tests.


Nevertheless, analysts still see the tendency for the price to continue higher which is still supported by the support level of Mvoing Average 50 (MA50) on the 1 -hour time frame as a bullish signal.



If the price increase manages to break through the 1.32000 zone, a higher increase will be expected to head to the 1.33000 level to test the SBR (support become resistance) zone.


On the other hand if the 1.32000 zone remains a barrier to the upside, the downside may re -occur to decline to the initial support level around 1.31000.


Then the continued decline is seen to return to the support zone 1.30000 which was hit by the price in the opening trade early last week.