The Asian session this morning (Friday) saw the price movement on the chart of the GBP/USD currency pair record a rise to the latest highs again.
This was driven by the continued depreciation factor of the US dollar after the US economic growth data published in the New York session yesterday recorded a dismal reading.
In addition, market sentiment rebounded which made the attraction of safe-haven currencies diminish including the US dollar, as investors assessed the biggest weekly gains on major Wall Street indices.
While some pressure factors for the Pound such as Brexit uncertainty remain, the British currency managed to capitalize on the opportunity to rise higher against the US dollar over the weekend.
The price is seen successfully passing the resistance zone of 1.26000 and reaching the latest high hovering around 1.26600 at 11.00 am local time.
The bullish pattern of the price is still displayed with the price movement remaining above the support level of Moving Average 50 (MA50) on the 1 hour time frame on the GBP/USD chart.
Higher gains will continue to be expected by investors for the price to end the weekend trading following the current movement pattern displayed.
The target for the next rise is to test the focus zone at the high of 1.27000 for the price to continue to post the latest 4 -week high.
Even so, remain vigilant if the price makes a decline again at the close of trading in the New York session especially the possibility of profit-taking activity by market players.
If the price starts making a decline again below the 1.26000 zone, investors will evaluate it as an early signal for an impending price trend change.
The next price decline will be lower testing the RBS (resistance become support) zone at 1.25000.
The continued decline for a clearer bearish trend movement will lead to around the 1.24000 zone.
