Other major currencies in the market today will take advantage of the significant decline in the value of the US dollar following the results of the FOMC meeting early this morning.
Similarly, the Pound currency which was successfully traded increased again but investors remained cautious ahead of the meeting of the central bank of England (BOE) today.
The Federal Reserve (Fed) met the forecast to increase interest rates more slowly by 25 basis points to the latest level of 4.75% in addition to Fed President Jerome Powell's dovish speech.
If we examine the price movement on the chart of the GBP/USD currency pair, the price initially hovered slowly in the Asian and European sessions yesterday above the 1.23000 support zone.
But after the FOMC meeting, the price has jumped more than 100 pips towards the 1.24000 resistance zone target as expected by analysts.
The slow movement in the zone continued in the trading of the Asian session this morning (Thursday), but investors have received a signal of a bullish trend after the surge in price that has broken through the Moving Average 50 (MA50) line level on the 1-hour time frame of the GBP/USD chart.
The expectation to pass the resistance of 1.24000 will continue to increase the price towards 1.25000.
Reaching that level will record the latest price high for an 8-month trading period.
However, if the results of the BOE meeting change the direction of price movement, it is likely that investors will see the price drop again towards the support of 1.23000.
If the 1.23000 zone fails to bounce back the price, the price will break through lower towards around 1.22000 to display a bearish trend movement pattern.
