The price chart of the GBP/USD currency pair is seen to maintain the bullish trend movement continuing the opening trades earlier this week with a daily increase of 150 pips recorded yesterday.
This follows a 200 pips jump that occurred last Friday as focus shifted to the United States (US) NFP employment data report.
The banking crisis in the US which rocked the market has had a depressing effect on the US dollar while the Pound took advantage of the opportunity to rise again.
After the price increase on the GBP/USD chart reached 1.21000 last Friday, the increase continued yesterday reaching the 1.22000 concentration zone at the end of the New York session.
Prices fell slightly from the latest 4-week high reached, continuing trading in the Asi session this morning (Tuesday).
With the bullish pattern displayed, the price is expected to continue its move higher past the 1.22000 resistance.
The next target is to head to the latest high around 1.23000 after the price last traded at that level last January.
Analysts, however, do not rule out that the price drop could happen again with the current uncertain market situation.
The price could drop to retest the 1.21000 level before continuing the decline lower to around 1.20000.
A break below the zone and a break above the Moving Average 50 (MA50) support level on the 1-hour time frame on the chart will signal a bearish trend reversal again.
Investors will focus on the UK jobs data report in the European session before turning to the US inflation data in the New York session to assess the movement of both the Pound and the US dollar today.
