The bullish movement pattern continued on the chart of the GBP/USD currency pair until Tuesday yesterday saw the performance of the Pound remain good against the US dollar.
The modest upward momentum was successfully maintained as the market remained focused on the expected interest rate cut by the Federal Reserve (Fed) this September.
The US dollar continued to decline since the opening of the week until yesterday, but towards the end of the week, investors will be cautious ahead of the Jackson Hole symposium that will take place in Wyoming, United States (US).
In addition, investors are also looking forward to the release of the FOMC meeting minutes report early Thursday morning which is also expected to influence the market mood.
On the GBP/USD chart, the price has made an increase past the resistance level of 1.30000 yesterday until reaching a level around 1.30500.
This is the latest highest level the price has managed to record in 13 months after successfully overcoming the 'pucuk' level last July.
The price movement remains above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart which signals further upside with the target shifting to 1.31000.
However, it will be a signal of a trend change if the price starts moving down below the 1.30000 level and also breaks through the MA50 support line.
The next low price will lead back to previous concentration levels such as 1.29000 and then 1.28000.
