The momentum of the bullish movement on the chart of the GBP/USD currency pair on Thursday yesterday was seen to start to slow down compared to the energetic surge of the previous day.
American markets rested for a public holiday yesterday limited price movements as investors remained cautious ahead of the release of NFP jobs data tonight.
The pound still has room to continue its rise against the US dollar which is still gloomy following the latest economic data from the United States (US) causing concern.
The development of the UK 2024 election that took place from yesterday until today's results is seen to have no significant impact on the movement of the Pound currency in the market.
If last Wednesday the price on the GBP/USD chart jumped to a high of 1.27750 before retreating slightly, yesterday's Thursday trade was more flat and hovered below that high.
Although the price pattern is slow, the trend is still bullish with the price movement remaining above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart.
Continued trading today (Friday) remained slow from the Asian session to the early opening of the European session, with prices still sluggish around 1.27700.
Vibrant price movements are expected to occur in the New York session later with a major impact on the reaction to the NFP data that will be published.
In the event of a surge, the concentration zone at 1.28000 is likely to be breached before the price goes higher.
The next target is at 1.29000 for the price to reach to overcome last June's trading high.
However, if the increase does not happen, instead the NFP reaction triggers a fall again, the price will return to the 1.27000 level in the RBS (resistance becomes support) zone.
Falling lower than that is not impossible with the lower support price being in the 1.26000 zone.
