The price movement on the chart of the GBP/USD currency pair at the beginning of the week is seen to be moving slowly in a bullish pattern after the surge occurred at the end of last week.
After the reaction to the United States (US) NFP employment data report last Friday, the price has jumped to a high of 1.22600, but opened low around 1.22000 at the beginning of the week yesterday.
In the European session, prices appeared to fall to around 1.21650 before bouncing back up in the New York session and climbing to the 1.22400 level.
It is still a bullish signal for the price when the movement is above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart after the price rebound.
The price is hovering around 1.22500 in the Asian session this morning (Tuesday) while investors are still looking for a clearer indication to determine the next direction.
If the price rises, the closest focus is seen at the 1.23000 zone as resistance to be tested after the last time the price was there on September 20.
Passing the resistance of 1.23000 will push the price higher towards the target at 1.24000 which is the resistance in September trading.
Meanwhile, for the expected price drop, a drop below the 1.22000 level which also passes the MA50 support will be an early indication of a bearish price movement change.
Next, the price will go back to the previous concentration zone which is at 1.21000 with the expectation that there will be an interesting reaction displayed by the price around that area.
