Price movement on the GBP/USD currency pair chart was flat at the end of last week after a spike as the US dollar weakened.
Despite the hawkish tone thrown by members of the Federal Reserve (Fed) before, the latest economic data from the United States (US) came with a less encouraging reading.
This week's US inflation data report will be the focus that will drive market patterns hereafter.
Meanwhile, the Pound is at risk of depreciation after the dovish central bank of England (BOE) policy meeting last week.
The UK jobs data report on Tuesday will be the next indication of the Pound's movements which the BOE is also scrutinizing in their policy setting.
On the GBP/USD chart, the decline in price as the reaction to the BOE meeting took place reached 1.24500 on Thursday before the price bounced back above 1.25000.
The price leveled off at the end of the week above the 1.25000 zone in addition to giving an early signal for a bullish move above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart.
If the price increase continues at the beginning of the week, the 1.26000 level will be the target to reach which served as the previous price resistance zone.
The high level reached when the NFP employment data was published earlier at around 1.26300 will be overcome before the increase continues towards the target of 1.27000.
On the other hand if the price plunges below the 1.25000 zone again after failing to hold above the MA50 support, the price decline is expected to start after the bearish signal.
The level reached last week may be exceeded and the decline will continue towards around 1.24000.
