The bullish pattern on the chart of the GBP/USD currency pair is seen to have been successfully maintained over the past week.
In fact, the price recorded a larger daily jump at the end of the week following the impact of important published data.
The price increase situation is influenced by the depreciation of the US dollar after the market reaction to the published US NFP employment data report.
Investors judged the report for February to be gloomy with an increase in the unemployment rate and weak average wages, although job growth was positive.
Thus, last Friday, the price that was initially flat at the 1.28000 zone continued to rise higher with a daily jump of around 90 pips.
The price almost touched the 1.29000 level before pulling back to close the trade in the last session of the week around 1.28500.
The price movement remained flat after opening at the same level at the opening earlier this week.
The price above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart indicates that the bullish trend will continue.
The 1.29000 level is seen as a resistance to be tested before the price advance continues beyond it.
A move higher will aim to reach the next concentration level which is at 1.30000.
However, if the price decline occurs, the 1.28000 zone will be the closest to be tested first.
If the zone fails to bounce, instead the price plunges lower below the MA50 support line, this will be an early signal for a trend change.
The price drop target is towards the RBS (resistance become support) zone at 1.27000 which has been the focus of trading in recent weeks.
