The price movement on the chart of the GBP/USD currency pair is seen to maintain a horizontal pattern until the close of the end of last week thus ending the trading of March and also the first quarter of 2024.
During the past week the price was just flat above the 1.26000 zone after showing a bearish pattern in the previous week.
The market will be watching the latest indicators that will affect the US dollar for a clearer direction of movement.
With that, the United States (US) NFP employment data report will be the main focus this week.
In addition to NFP, other data such as JOLTS and the ISM survey will also be a driver of direction for trading in the early opening of this April.
On the GBP/USD chart, investors want to know the expected strength of the currency this week, especially the US dollar, to determine the price tendency after exiting the previous horizontal zone.
If the US dollar strengthens, the price will make a lower decline likely to pass the support at the 1.26000 level.
A further decline in price is expected towards the next focus target at around 1.25000.
However, if the price increase is displayed after continuing to hold above the 1.26000 zone, the increase will go to around 1.27000 as the closest resistance to be tested.
Next, only a higher increase can continue to reach back to the important zone which is at the height of 1.28000.
