The price chart of the GBP/USD currency pair has shown a pattern in the trading of the European session yesterday following the Pound receiving pressure from the US dollar.
However, if assessed, US dollar trading was somewhat mixed at the beginning of the week after the market was presented with the United States (US) NFP employment data report.
Although it seems quite strong in the European session, but the US dollar moved again gloomy in the New York session by shrinking again.
A mixed view of the expected further monetary policy decision by the Federal Reserve (Fed) will make market players more cautious ahead of next week's FOMC meeting.
If observed, the price on the GBP/USD chart yesterday showed a decline from the height of around 1.24600 until it touched the 1.24000 level again.
As expected, the price reacted to that level when it showed a rebound of around 30 pips and stuck to the Moving Average 50 (MA50) line on the 1-hour time frame of the price movement on the GBP/USD chart.
The price hovered slowly around 1.24300 when resuming trading at the beginning of the Asian session this morning (Wednesday).
If a rally takes place today, the price is likely to surpass yesterday's high before heading towards the 1.25000 level.
Passing that level will push the price back to last week's resistance zone at 1.25400, which is the area before the price plunge when the NFP data was published.
Meanwhile, for the expectation of a possible drop in prices, a drop below the 1.24000 level will push a lower drop past the level last Monday around 1.23700.
And for further declines, the 1.23000 support zone is waiting to be tested after several months of the zone successfully holding the price from falling lower.
