The rising price pattern was successfully displayed on the chart of the GBP/USD currency pair on Tuesday yesterday, but it was noted that the movement was at a slow pace.
Despite the increase, the price did not manage to overcome the height reached at the end of last week's trading.
Market analysts had expected a gloomy market movement in the last week of 2023 but due to the continued depreciation of the US dollar has driven the movement pattern shown yesterday.
Like the Pound, other major currencies also rose modestly following the US dollar which weakened the impact of the United States (US) economic data published with less encouraging readings last week.
If observed on the GBP/USD chart, the price hovering at the 1.27000 level has managed to move above it in yesterday's New York trading session.
The Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart was tested but the price was seen bouncing back up after touching it.
Closing the trade around the 1.27200 high, prices remained hovering slowly around that resuming trade in the Asian session this morning (Wednesday).
The uptrend is likely to continue, albeit at a slower pace and will attempt to overcome last week's end-of-week highs at 1.27400.
If the rise still continues to higher levels, the target is for the price to reach the 1.28000 concentration zone.
On the other hand, if the price falls below the 1.27000 level, the price movement below the MA50 line again will expect a bearish trend reversal to occur.
The decline can be expected to reach back to the concentration level at 1.26000.
However, with the expected volatile price movement at the end of December, this will make investors more cautious in controlling their respective trading risks.
