The price movement situation on the chart of the GBP/USD currency pair remains interesting, seeing that the thick wall of prices still fails to be broken through.
The price increase since last week is still stuck at the resistance level of 1.27000 which still manages to prevent the price from continuing its climb to a higher level.
As of yesterday, the price has not managed to break through the resistance by displaying a horizontal movement below it.
Although the bullish pattern is still seen to continue, the momentum is slowing down and the range of price movements is narrowing above the resistance level of 1.27000 and the support level of the Moving Average 50 (MA50) on the 1-hour time frame of the GBP/USD chart.
Price movements will continue to be driven by the changes that will occur in the US dollar with economic data from the United States (US) will continue to be monitored.
Today's focus will be on economic growth data for the last quarter of 2023 and on Thursday, PCE price index data will be observed.
Investors' reaction to the data to be published could provide an indication for a clearer direction of price movement towards the end of the week.
If the price increase finally manages to break through the 1.27000 resistance, the price will record the latest 4-week high level with the next target being to go to the 1.28000 zone.
Meanwhile, if the price gives a sign that the decline will happen again, the closest level seen as a target is around 1.26000.
If that level is also broken, the price will continue to fall lower to the concentration level of the previous weeks up to the 1.25000 support zone.
