As expected, the price movement was flat on the chart of the GBP/USD currency pair over the past week with the price ending the week's trading at the 1.27000 zone.
The price movement range of around 120 pips with price fluctuation movement has been influenced by some important data such as manufacturing and services PMI in UK and United States (US), US economic growth data for the fourth quarter of 2023 and PCE price index data.
This week will be more turbulent for both the Pound and the US dollar as the Federal Reserve (Fed) and the Bank of England (BOE) will hold policy meetings on the same day, Thursday.
More in the spotlight are indications by Fed Chairman Jerome Powell regarding their monetary policy as well as interest rate cut signals.
This will be the main driver of the direction of price movement on the GBP/USD chart until the next week.
The lowest level recorded last Tuesday was around 1.26500 before the surge on Wednesday reached the highest level of the week around 1.27700.
However, until the end of the week the price is flat in the 1.27000 zone while investors are cautious heading into this week's trade.
Slow price movement in the Asian session this morning (Monday) hovering in the 1.27000 zone for the opening of the early week, prices are also seen slowing below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame of the chart.
On the lookout for that bearish signal, investors should be prepared if prices make a move lower earlier this week.
The continued decline can be expected to reach the 1.26000 zone which was the previous price support.
Meanwhile, if the price bounces from the 1.27000 zone after breaking through the MA50 barrier, the bullish price is likely to be able to overcome last week's high.
Next, the 1.28000 zone is waiting to be tested if the price continues to rise higher after the price shows a trend change has taken place.
