The bullish pattern on the chart of the GBP/USD currency pair is seen to have been successfully maintained at the opening trade of the beginning of the week yesterday.
Analysts expect price movements to slow down following public holidays in the UK and the United States (US) on Monday yesterday.
The horizontal movement of prices will be expected to last as investors will take cautious steps awaiting important data reports, especially the PCE price index which is the focus of the Federal Reserve (Fed).
If observed at the close of last week, the price managed to rise again to make an increase above the 1.27000 level after the previous fall.
Continuing yesterday's early week trading, the price maintained the bullish pattern which continued to move above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart.
The latest 10-week high was successfully reached around 1.27700 before a slowdown around that closed the New York session.
If the situation persists, the price increase can continue further with the target to test the 1.28000 resistance zone which is getting closer to being touched.
Breaking that resistance will push the price to record another recent high for the week towards the next focus level at 1.29000.
On the other hand, the price is at risk of falling back again and the support at the 1.27000 level is tested again.
If the price slides down quickly below that level, it will be a more clear bearish signal with the expectation that the level around 1.26000 will be reached.
