Not continuing the decline lower, but the price increase again on the chart of the GBP/USD currency pair yesterday.
This situation was driven by the trading of the US dollar which remained weak until the end of the New York session.
At the beginning of the session, price movements were quite mixed as investors watched the United States (US) economic data published saw some good readings, but failed to support further recovery of the US dollar.
Last Wednesday, the price showed a decline approaching the 1.33000 zone before the bounce was displayed again on Thursday's trading yesterday, seeing the 1.34000 level breached again.
The price increase has also crossed the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the GBP/USD chart, signaling a resumption of the bullish trend.
But in the Asian session this morning (Friday), the price showed a slow decline below 1.34000 to retest the MA50.
Expectations of higher upside will continue if the price manages to move back above 1.34000 to overcome the current high level at 1.34300.
The latest high will be recorded after the uptrend continues with the next target being at the 1.35000 zone.
However, it is not impossible that changes occur in trading at the end of this volatile week which can be influenced by the release of focus data such as the US PCE index.
If the decline occurs, the 1.33000 zone is seen as a close focus to be tested before an extension lower is expected to reach around 1.32000 again.
