The price movement on the chart of the GBP/USD currency pair continued its climbing pattern for a second day on Thursday yesterday after there was a signal of a change in price direction the previous day.
This situation was driven by the gloomy movement of the US dollar which showed a decline at the end of the week, in contrast to the strengthening shown at the beginning of last week.
Uncertainty on the setting of monetary policy by the Federal Reserve (Fed) continues to raise questions for investors, and makes price movements continue to be uncertain in the market.
The answer will be known at the results of the FOMC meeting next week along with the meeting of the central bank of England (BOE) which will also take place on the same day.
At the moment, the price on the GBP/USD chart is still showing an increase in trading that continued in the Asian session this morning (Friday).
If observed yesterday, the price initially fell slightly around 1.21600 and then bounced back up past the 1.22000 level until it reached the height of 1.22450 at the end of the New York session.
The rise continued in the Asian session this morning to around 1.22700 with expected resistance at 1.23000 to be the focus to be tested.
A strong rise if displayed is likely to support the high level reached at the beginning of last week around 1.23450.
Continuing to rise higher will target 1.24000 to record the latest 6-month high.
However, if there is a rebound in the price in the last sessions of the week, the price is likely to fall below the 1.22000 zone and head back to the 1.21000 support zone.
After the bearish trend change signal, the price will continue its decline with the target to return to the 1.2000 zone.
