The gloomy market movement earlier in the week saw the major charts move slowly as investors assessed the current market sentiment which was somewhat mixed.
Pound Sterling did not continue to surge like the pattern displayed in the past week when the market saw the US dollar has experienced a significant depreciation.
The UK employment data report due to be published at the start of the European session will soon be the focus for the central bank's assessment of monetary policy after raising interest rates at its policy meeting in early November.
If the jobs report records an encouraging reading, the Pound has the potential to move stronger against the US dollar this week.
Therefore, the price movement on the chart of the GBP/USD currency pair is likely to continue the rising pattern of last week.
Although the horizontal price movement at the beginning of the week hovered below the high level of 1.18500 reached at the end of last week, there are no clear signs of a trend change yet.
Prices are also supported by the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart with prices hovering around 1.17500 continued in the Asian session on Tuesday morning.
If the price increase still manages to continue beyond 1.18000, it is likely that last week's high level will be overcome before heading to the 1.19000 zone to be tested.
Reaching that level would set a new 13-week high.
Meanwhile, if the price starts to show a decline below the MA50 support level, the price is likely to head towards the 1.16000 zone after a trend reversal signal.
If the price continues to decline and break through the RBS (resistance become support) zone of 1.16000, the price will head towards around 1.15000.
