Last week, the price increase on the chart of the GBP/USD currency pair was seen several times trying to break through the resistance of 1.27000 but without success.
The same situation was shown to investors at the beginning of the week yesterday when the price increase once again tested the 1.27000 level but failed to break through it.
Even so, the pattern of price increases is still maintained even though the momentum is slowing down.
The movement pattern continues to be influenced by the US dollar currency situation which has maintained its gloomy performance since last week.
Still bullish for the current movement when the price remains above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart.
If the price wants to maintain the bullish trend, the next increase will have to pass the resistance at 1.27000 which is still 'invulnerable' since last week.
The continued price increase will lead to around the 1.28000 zone to record the latest high level.
However if the price fails to break through the 1.27000 resistance, the bearishness could happen again.
A break below the MA50 support line will trigger a bearish signal for the price to continue its decline lower.
The closest target is for the price to reach the concentration level around 1.26000 again.
