Despite the fall in the European session yesterday, the Pound managed to strengthen again against the US dollar in the New York session.
The price on the chart of the GBP/USD currency pair is seen to have successfully bounced back from the fall before recording the latest high level since trading last February 2022.
The price movement situation was driven by the reaction to the manufacturing and services PMI data published for the September reading.
Following both PMI readings for the UK and the United States (US) showing 'redness' figures, the Pound weakened first in the European session before the US dollar suffered a decline in the following session.
The price first fell below the 1.33000 level reaching 1.32500 before rebounding stronger again to reach the latest high around 1.33600.
The pound took advantage to rise after a change in the tone of the central bank of England (BOE) at last week's meeting, but analysts warned investors to be cautious about risks to the currency following UK Prime Minister Keir Starmer's warning of a relatively shaky domestic economy.
On the GBP/USD chart, the price is still moving in a bullish trend by being above the Moving Average 50 (MA50) support line on the 1-hour time frame.
With the pattern that is being displayed, the price is seen to be inclined to continue climbing higher towards the latest height target at 1.34000.
However, the risk of price decline still needs to be watched by investors with initial expectations for the price to stop around 1.33000.
If it plunges lower and breaks yesterday's levels, the decline is likely to return to the concentration zone at 1.32000.
