The GBP/USD currency pair bounced off a support level formed by the 200– hour simple moving average at 1.4130 on Monday. As a result, the Pound Sterling surged by 46 pips or 0.32% against the US Dollar during yesterday’s trading session.
Technical indicators suggest buying signals on the daily time-frame chart. Most likely, bullish traders could pressure the exchange rate higher towards the 1.4220 level within this session.
However, buyers might encounter resistance at 1.4200 during the following trading session.
