The price chart of the GBP/USD currency pair has shown a daily jump of around 150 pips at the market opening yesterday.
The US dollar was trading weak again starting in the European session and continued into the New York session and was also pressured by the reading of the data survey of the manufacturing sector of the United States (US).
This will also add to the expectations of the Federal Reserve (Fed) which is increasingly necessary to slow down their monetary policy leading up to the latest FOMC meeting.
The pound finally got room to 'breathe' again to return to trading at a 10-week high against the US dollar.
It can be observed on the GBP/USD pair price chart yesterday, the price initially moved down below the 1.23000 level in the Asian session.
However, a surge was exhibited again in the European session until the price reached the 1.24000 resistance zone at the end of the New York session.
That level is also the height reached at the end of last week's trading and the price hovered slowly continuing the opening of the Asian session this morning (Tuesday) around that.
The price increase is expected to continue today after the price also crossed the Moving Average 50 (MA50) level in the 1-hour timeframe on the GBP/USD chart yesterday, giving a bullish sign.
The price increase if it continues will record the latest high level again with the target to go to 1.25000.
However, it is not impossible if there is a price drop again if there are factors that strengthen the US dollar or weaken the Pound.
The price may drop back to the 1.23000 zone with the price reaction in that zone to be observed for further movement indicators.
If it breaks through lower, the price will return to the RBS (resistance becomes support) zone, which was previously focused at 1.22000.
