Looking at the price movement on the chart of the GBP/USD currency pair, the gains made last week failed to hold as investors saw a retracement of prices continuing into the trading earlier this week.
On Thursday, the price started a surge from the 1.24000 level until it managed to hover at the height of 1.25400 on Friday.
However, after the United States (US) NFP employment data report was published, the price plunged again below the 1.25000 level to the 1.24500 level.
The opening of early trading on Monday yesterday, the decline continued further until below 1.24000 reaching around 1.23700.
Then there was a rebound around 70 pips after the market reacted to the release of the 'red' US service sector ISM survey data.
Despite successfully increasing again, investors are still waiting for the next indication of whether it will continue to increase with the price movement still below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart.
If the rise continues beyond that barrier, the 1.25000 level will try to be overcome before re-reaching last week's highs around 1.25400.
Next, the 1.2600 zone is seen as a concentration resistance that will be tested by the price when the uptrend successfully continues.
Be careful if the price shows a drop again today below the 1.24000 level.
It will be a sign that the downward trend will continue if the price crosses the level reached yesterday.
Further declines are seen to lead to the 1.23000 support zone which still manages to hold the price from falling lower for this 10-week trading period.
