The bullish movement on the chart of the GBP/USD currency pair continued again at the opening of the early week yesterday.
A similar situation as last week, the US dollar remained weak and gave room for the Pound to rise 3 days in a row.
In the New York session yesterday, the United States (US) new home sales data for October was published with slower numbers than forecast, adding more pressure to the US dollar.
Observing the price movement on the GBP/USD chart, the price hovered slowly at the 1.26000 level at the opening of the Asian session yesterday after the price surge in the last session last week managed to reach that level.
Although slow, the price increase still continues to the latest high level around 1.26400 before retreating down to the 1.24000 level in the New York session.
The price bounced back towards the close of the New York session and slowed down at the resistance level of 1.26400 in the Asian session this morning (Tuesday).
The price movement is expected to continue the bullish trend that is above the support of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart.
A higher rise is expected for the price towards the latest target at 1.27000.
This would be the latest high reached by the price in a 13-week trading period.
Meanwhile, if the price moves back down below the 1.26000 level, this will be evaluated as an early signal of a change in the bearish trend.
The price will also start below the MA50 barrier before the decline will extend back to around 1.25000.
