Price movements on the chart of the GBP/USD currency pair showed continued strength when it broke through the 1.3200 resistance level and managed to close above that level at the close of last week.
The price hovered at 1.3215 at the beginning of the Asian session before easing slightly to the 1.3190 price level at the beginning of the London session. The latest signal from the US Federal Reserve regarding the easing of monetary policy has weakened the US Dollar and supported the strength of the GBP/USD pair.
Meanwhile, Fed chairman Jerome Powell and BOE governor Andrew Bailey's speech at the Jackson Hole symposium supported the weakness of the US Dollar and the strength of Sterling.
The price is currently hovering around the 1.3188 zone above the daily pivot of 1.3178. The next level of resistance is at 1.3230 which is Friday's high and then 1.3269. If it breaks through this level, the price could possibly go up to 1.3300 (psychological level).
If seen below the current price, the first 'Support' price level is located at 1.3175, then 1.3130 and if the 'Bullish' trend continues, this support price level is a good level to buy. Meanwhile, the price is still above the SMA200 and MA40 by maintaining .
The GBP/USD pair has maintained bullish momentum, trading at a three-week high. The market is awaiting the US Durable Goods Orders data at 8.30 tonight, which could influence the movement of this currency pair.
