The bullish pattern on the chart of the GBP/USD currency pair continued until the end of last week and continued until the opening of trading early yesterday.
After the market digested the United States (US) NFP jobs report in the last session last week, the price has closed trading at around 1.28150 which is the highest level for a period of 3 weeks.
It did not stop there, the price increase continued on Monday yesterday reaching a new high level at 1.28450.
However, the price target to reach the level of 1.28600 which is the peak level reached last June was not reached when the price showed a decrease again in the New York session yesterday following the trading of the US dollar back to stability.
Focus will be on Federal Reserve (Fed) Chairman Jerome Powell's testimony before Congress today for the next market indication before US inflation data is due to be scrutinized at the end of the week.
Slow price movement in the Asian session this morning around the 1.28000 zone again after yesterday's decline as prices are seen crossing the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart.
If the price rebounds from the 1.28000 zone, the bullish price trend will continue before the price is expected to overcome yesterday's high.
The latest highs will be recorded this week with the target for the price heading up to 1.29000 above the June high.
However, if the price falls lower after this, the risk of a fall of up to 100 pips can occur for the price to approach the 1.27000 zone again.
The direction of further price movement will be determined through the latest indicators that will be evaluated by the market this week.
