The bullish trend movement of the price is still displayed on the chart of the GBP/USD currency pair as of last weekend.
Continuing earlier this week, the US dollar was still seen moving weakly after dismal published consumer personal spending data in the United States (US) maintained the gloomy momentum of the currency king.
Although the Pound remained overshadowed by the Brexit issue crisis, it still managed to keep trading against the US dollar at a 4 -week high.
Last Friday, the price managed to reach a high of around 1.26600 and made the level of 1.26000 as the current support level for the price.
Supported at the 1.26000 level and the Moving Average 50 (MA50) support level on the 1 -hour time frame on the GBP/USD chart from falling lower, the price continued its bullish pattern on continued trading earlier this week.
The latest high seen to be targeted by the price is in the 1.27000 zone or maybe higher for the price to post its latest 5 week high.
But investors need to remain vigilant if the price starts to signal a trend change after running out of momentum to continue rising.
The beginning of the decline will be seen after the price falls below the level of 1.26000 and moves below the resistance level of MA 50.
The bearish trend movement of the price will see the price drop testing the RBS zone (resistance become support) at 1.25000 before investors see the next lower decline towards around 1.23000.
Investors are wary of any shocks in the market ahead of the US NFP jobs data report which will be the main focus event over the weekend.
