The Pound Sterling continued to show a positive increase in value on Wednesday yesterday after Rishi Sunak took over as UK Prime Minister which started to ease investors' concerns about the current development of the UK economy.
Finance Minister Jeremy Hunt is in talks with the central bank of England (BOE) after the medium-term budget plan was delayed until November 17, pending a central bank policy meeting next week.
The pound traded to a 6-week high against the US dollar as current market factors continued to put pressure on the currency king.
The US dollar remained weak as investors cautiously awaited the release of United States (US) economic growth data after manufacturing and services sector data and consumer confidence data declined.
The price chart of the GBP/USD currency pair on Wednesday yesterday saw the surge continuing to continue the bullish pattern of last Tuesday.
The price once again posted a daily increase of 200 pips until trading at the end of the New York session had reached the target level of 1.16000.
The slow price movement continued in the Asian trading session this morning (Thursday), hovering between the range of 1.16000 and 1.16500.
However, with a strong bounce displayed 2 days in a row, analysts remain expecting a higher move towards around 1.18000.
Reaching that height would mark the latest high for the price for the 9-week trading period.
However, if a bearish pattern occurs, the 1.15000 zone will be the initial focus before the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart.
A lower drop from those levels will be a signal for a change in the price trend ending the previous bullish movement.
The continued decline is seen to lead to the previous concentration level around 1.13000 or 1.12000.
