Dear friends, Currently, GBP/USD is experiencing a continuous increase and has reached its highest level in nearly three weeks, trading at 1.2292 and preparing to touch the 1.2300 mark.
The reason behind this upward movement may be attributed to the decrease in US bond yields and the positive risk sentiment, which weakens the USD and supports GBP.
Looking at the chart, after receiving support around the 1.205 level, GBP/USD has surged strongly and is currently at a resistance level of 1.227. By breaking through this resistance level combined with Fibonacci retracement, a further price increase could extend to a high level of 1.2455.