The chart of the GBP/USD currency pair continued its bullish movement until it reached its latest high yesterday, the highest since July 2023.
The Pound currency is seen to be still maintaining a positive performance amid the fall of the US dollar due to high expectations of interest rate cuts by the Federal Reserve (Fed) at its September meeting.
The minutes of the meeting were published early this morning, continuing to put pressure on the US dollar with the next focus being on the Jackson Hole symposium event to hear a speech from Fed Chairman Jerome Powell.
The pound and US dollar will also be influenced by the release of UK and US manufacturing and services PMI data in the European and New York sessions today.
The continued rise on the GBP/USD chart is seen to have managed to capture the 1.31000 highs, but the price pulled back a bit after testing the resistance.
Price movement slowed below 1.31000 in the Asian session this morning (Thursday), but prices are seen to continue to rise following bullish signals with prices continuing to move above the Moving Average 50 (MA50) support line on the 1-hour timeframe on the GBP/USD chart. the said.
If the price increase continues after this, the target is for the price to overcome the peak level reached in July last year which is around 1.31400.
Next, continue to rise higher, likely to be able to touch the 1.32000 level with the expectation that there will be an attractive price reaction around that.
However, if the bullish pattern begins to falter, investors will be watching for signals for a trend change to occur.
A break below the MA50 support line will push the price down to the 1.30000 concentration zone.
