The chart of the GBP/USD currency pair was seen to continue its upward trend at a slow pace yesterday as the US dollar continued to weaken under the influence of the published ADP employment data report.
After testing the highs at 1.31700 last Wednesday, the price once again approached that zone on yesterday's rise.
However, the target level at 1.32000 has still not been successfully touched with the price moving horizontally today (Friday) throughout the Asian session above the 1.31700 level.
Price movement remains on a bullish trend above the Moving Average 50 (MA50) support line on the 1-hour timeframe on the GBP/USD chart, but investors are wary of any possibility of trading in the later sessions of the week.
The focus will be on the NFP employment data report in the New York session shortly, which is expected to have a major impact on the market, especially the US dollar currency.
This will be an important indicator to the Federal Reserve (Fed) for the evaluation of the labor sector before the decision of the September FOMC meeting that is approaching.
For bullish expectations if it continues on the GBP/USD chart, 1.32000 is the closest resistance to be tested.
Breaking through that resistance will prompt a higher rally with the target being at the previously reached highs of around 1.32700.
However, if the reaction after the NFP report is published sees prices plummet, support at 1.31000 will be targeted again.
If the break-through price is lower, it will be a bearish signal for the price with the expectation that the 1.30000 level will be reached.
