The price movement pattern on the chart of the GBP/USD currency pair started to change at the end of last week.
After the decline in prices was displayed on Wednesday and Thursday, the increase occurred again in Friday's trading.
This shows that the US dollar returned to moving weakly at the end of last week after previously putting pressure on the Pound.
On a technical basis, the price movement that started to move back above the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart signals for a bullish movement.
After closing trading around 1.20400 in the last session last week, the price hovered slowly around that at the opening of the first session earlier this week.
The price increase if continued will lead to the level of 1.21000 before returning to challenge the resistance of several weeks which is around 1.21400.
Next, the height level of 1.2200 and 1.2300 will be the next focus if the bullish signal is more clearly displayed in the price.
On the other hand, if the price moves lower again this week, falling below the 1.2000 zone will expect a drop back to the 1.1900 support zone.
An interesting price reaction will be displayed after a few weeks where the price is seen to fail to break through the zone to a lower level.
A lower target for the price to hit is at 1.1800 if the decline continues.
The United States (US) NFP employment data report and the UK economic growth data to be published at the end of the week will be important indicators driving both the Pound and the US dollar.
