The chart of the GBP/USD currency pair survived a more severe fall as the price showed a rebound in yesterday's Thursday trading.
Investors are already ready to expect a depreciation of the Pound to occur after the central bank of England (BOE) has signaled a shift to easing their monetary policy.
However, the US dollar changed the situation when it weakened again yesterday driven by the economic data of the United States (US) published.
The contraction in the US economic growth figures for the first quarter as well as other data readings declined, again raising hopes for the Federal Reserve (Fed) to cut interest rates.
Thus, it can be observed that there was a rebound in the price on the GBP/USD chart yesterday after the declining pattern displayed before that.
The decline has tested the important zone at 1.27000 but after attempts to extend lower failed, the price is seen making a rebound to levels around 1.27470.
The price slightly crossed the Moving Average 50 (MA50) line on the 1-hour time frame on the GBP/USD chart to signal an early bullish trend change is underway.
The price was slightly lower around 1.27200 in the Asian session this morning (Friday), but the expectation for the price to continue rising is still there.
The target of the continued increase is to reach the height of 1.28000 again which is an important resistance zone for the price.
If the zone is successfully crossed, the latest 10-week high will be recorded with the target moving to 1.29000.
On the other hand, if the price drops lower below the 1.27000 zone, this will indicate that the bearish movement of the price will continue again.
The continuation of the price drop will expect the level around 1.26000 to be reached if the US dollar manages to strengthen more significantly after this.
