The FOMC meeting early this morning saw a result that met the majority's forecast when the Federal Reserve (Fed) decided to further reduce interest rates by 25 basis points to 4.75%.
The US dollar did not show significant movement after the results of the meeting, but had already moved weakly in previous sessions.
Meanwhile, the Bank of England (BOE) also cut interest rates by 25 basis points to 4.75%, making it the second cut this year.
However, the Pound has surged strongly against the US dollar following a follow-up statement by Governor Andrew Bailey seen as cautious, stating that interest rates cannot be lowered too quickly and by much.
Therefore, investors have witnessed a surge in prices on the movement of the GBP/USD currency pair chart yesterday.
The price made a jump from the 1.29000 level until it reached the 1.30000 target before pulling back from the resistance.
The situation of the surge in prices displayed yesterday was seen in the opposite direction compared to the significant plunge in prices the previous day when the focus was on the United States (US) election.
Slow price movement below the 1.30000 zone continues trading in the Asian session this morning (Friday), but there is a bullish signal when the price has been above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart.
If a successful rally is made beyond the 1.30000 level, the height level before the price plunge occurred near around 1.30500 will be challenged again.
A continued rise after that will target 1.31000.
Meanwhile, for the expectation of a further price drop if it happens, the 1.29000 support level will be approached again to be tested.
A lower break below it will push the price to the current support zone of the price since last week around 1.28500.
