The price movement on the chart of the GBP/USD currency pair is seen to still be showing a rising price pattern on Monday yesterday, but failed to surpass the level reached during the surge at the end of last week.
Last Friday saw the price rise to a height of 1.27700 before retreating back to the 1.27000 zone.
Starting trading at the beginning of this week, the price slowly hovered around 1.27000 in the Asian and European sessions and it was seen that the price tried to be pressed below that level.
However, the depreciation of the US dollar led to a re-increase in the price in the next trading session.
The price bounced back above the 1.27000 level again in the New York session after also testing the support line of the Moving Average 50 (MA50) on the movement in the 1-hour time frame of the GBP/USD chart.
The price increase reached the level of around 1.27650 just a little further to match the level of last Friday's trade.
Prices then eased around that high until resuming in the Asian market session this morning (Tuesday).
The bullish pattern that is still displayed above the MA50 support line can push expectations for the price to higher levels after this with the target being at the 1.28000 zone.
The zone became the focus and was tested at the end of last December's trading and certainly the price reaction in that area will be observed for further price movement indicators.
A more pronounced bullish move if it occurs will expect the 1.29000 height to be reached by the price.
However, if the market situation changes and pressures the price to fall again, the 1.27000 level will be the initial focus to be tested.
If the level fails to bounce the price up, instead the price breaks down, the price drop will be shown with expectations towards the 1.26000 zone.
