The GBP/USD currency pair bounced off a support level formed by the 200– hour simple moving average at 1.3883 on Thursday. As a result, the Pound Sterling surged by 54 pips or 0.39% against the US Dollar during yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge higher during the following trading session. The likely target for buyers will be near the 1.3980 area.
However, the US microeconomic data releases scheduled at 12:30 GMT could play an important part in the overall movement of the currency exchange rate within this session.
