Although there are no strong supporting factors, but the Pound managed to record an increase to a better level while taking advantage of the gloom of the US dollar trade yesterday.
The economic data of the United States (US) was published with mixed readings, failing to support the strengthening of the US dollar which displayed a declining pattern until the end of the New York session.
Will drive the direction of the next movement, ADP employment data and US economic growth data will be observed in the New York session tonight.
Examining the chart of the GBP/USD currency pair, the price once again tested the resistance level of 1.30000 yesterday which it then managed to break through.
If last Friday and Monday the price that tested the level failed to break through it, the situation has now started to change.
Trading today (Wednesday) saw the price hovering above the 1.30000 zone giving a positive signal to continue moving higher.
The price is also still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart which shows a bullish signal.
If the price increase continues, the price is expected to target up to the height of 1.31000 which was the previous concentration level.
However, it will be a risk for the price if there is a decrease again below the 1.30000 zone that was penetrated yesterday.
If a clear decline is displayed, the price can reach up to the 1.29000 support zone which was also almost tested last week.
