The price bullish pattern has reappeared on the chart of the GBP/USD currency pair in the movement at the beginning of the week yesterday.
The situation is driven by the depreciation of the US dollar as expected by analysts.
For a longer period of movement ahead, the US dollar is expected to continue to experience depreciation with the expectation that the Federal Reserve (Fed) will end their monetary policy tightening.
Meanwhile, the global banking crisis is still being monitored by investors where any latest developments could influence the market's change in direction.
As for the Pound currency, investors will watch the speech by the Governor of the Bank of England (BOE), Andrew Bailey in his statement about the banking crisis in London.
Examining the GBP/USD chart, the price that fell testing the RBS (resistance become support) zone of 1.22000 has bounced back showing a bullish pattern on Monday yesterday.
The price increase has continued to break through resistance at 1.23000 to resume trading in the Asian session this morning (Tuesday).
A bullish signal is being scrutinized after the price that made the rise also crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart and is expected to surpass the highs reached last week.
If last week's level around 1.23400 is successfully overcome, the price will retarget the 1.24000 zone to record the latest 8-week high.
However, if there is a further decline, the price will test the RBS 1.22000 zone again and the price reaction will be observed for further movement indicators.
If the breakout is lower, it is possible that the price could drop to around 1.21000 or the 1.20000 concentration zone.
