The bullish pattern on the chart of the GBP/USD currency pair is seen to be still trying to be maintained, but has stalled slightly below the 1.28000 zone.
The data published in the New York session yesterday has influenced the price movement following the US dollar currency giving an interesting reaction.
At the beginning of the session, the US dollar weakened first when the ADP employment data came in with gloomy figures.
However, the ISM survey data for the service sector of the United States (US) that followed after that managed to re-strengthen the US dollar.
Even so, the strengthening of the US dollar did not succeed when it was seen to weaken again towards the end of the session.
The price movement on the GBP/USD chart is seen to be back above the Moving Average 50 (MA50) support line again on the 1-hour time frame that continues trading in the Asian session this morning (Thursday).
The price is seen testing the 1.28000 resistance zone and if it is successfully broken, a higher increase will be expected for the price to continue the previous bullish trend movement.
Investors will be cautiously awaiting the release of the US NFP jobs report later this week which is expected to have a bigger impact on the market.
If the price is successfully pushed higher past the resistance of 1.28000, the latest high level will be recorded with the target to reach up to around 1.29000.
On the other hand if the price plunges after testing the 1.28000 zone, a drop below the MA50 level will give an early signal for the bearish movement to begin.
Next, the price will return to the support level of 1.27000 which was the focus before for the RBS (resistance become support) zone to be tested again.
A more bearish movement will be shown if the price plunges below the zone with the target moving at the 1.26000 level.
