The chart of the GBP/USD currency pair continued to rise again yesterday after a surge of around 140 pips last Wednesday.
This is driven by the movement of the US dollar currency which is getting weaker with the risk of uncertainty ahead of the United States (US) NFP employment data report which will be published tonight.
Several previously observed components including the mixed JOTLS and ADP data made investors cautiously await the results of the NFP report for September.
The impact on the strength of the US dollar will drive further price movement on the GBP/USD chart.
After successfully breaking through the 1.21000 level, the price has continued to rise closer to the 1.22000 level at the end of the New York session.
However, the price movement began to level off in the vicinity continuing trading in the Asian session this morning (Friday).
Still with a bullish movement signal, the price moved above the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart.
If the rise succeeds in continuing past the 1.2200 resistance, the next focus level for the price to reach is at 1.2300 after also overcoming last week's high at 1.22700.
However, if the price makes a decline, investors will evaluate it as an early signal of a bearish trend change after the price crosses the MA50 support and heads to the 1.21000 level again.
Continuing the decline lower will test the weekly support level at 1.20500 before the latest low is targeted to reach the 1.20000 zone.
