A positive early week trading opening for the Pound currency which managed to strengthen against the US dollar to a 3-week high.
This follows the price movement pattern exhibited on the GBP/USD currency pair chart last week.
The dismal performance of the US dollar is a factor opening the way for the Pound to recover after falling to a 5-month low of 1.23000 at the beginning of last week.
Investors will be more cautious this week expecting more aggressive price movements ahead of important data to be published and the FOMC meeting will be the main focus.
The outcome of the meeting will be the driver of price direction after the market assesses the further direction of the central bank's monetary policy.
Last Friday, the price reached a high of 1.25400 before being pushed down to a level around 1.24500.
However, the price bounced back to close the trade for the last session of the week around the 1.25000 focus level.
The rising price pattern seems to be successfully maintained when the price that opened below the 1.25000 level in the Asian session this morning has shown an increase beyond that level.
Until the end of the session, the price was seen to have managed to overcome a little bit of the height reached last week.
The price movement that continues to be above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart like last week signals that the bullish trend will continue.
A move higher will target the next concentration level at 1.26000.
However, if the price declines again and moves down below the 1.25000 and MA50 level, this will be an early sign of a change in the price trend.
A decline will occur and the price will be pushed back to the nearest concentration level around 1.24000.
