The price movement on the chart of the GBP/USD currency pair was seen to be flat at the close of trading in September yesterday, thus ending the third quarter of 2024.
The strength of the US dollar and the Pound is quite equivalent to the focus of investors in the New York session yesterday directed at the speech of the Chairman of the Federal Reserve (Fed) Jerome Powell.
Returning to restore some performance of the US dollar, Powell injected a somewhat hawkish statement regarding the economic growth of the United States (US) and the personal income of consumers.
While expectations for a 50 basis point cut at the November meeting have eased, Powell also sees two more small interest rate cuts at the end of 2024.
The US dollar which is currently moving positively is seen to limit the increase in value for the Pound, but the market situation can change at any time.
Some more important economic data will be given attention this week with the main focus being on the US NFP jobs report, later Friday.
On the GBP/USD chart, it can be observed that the price movement remained hovering around the 1.34000 zone yesterday following the pattern displayed at the close of last week.
The price also 'plays' around the Moving Average 50 (MA50) line on the 1-hour time frame on the chart which investors watch for an indication of the future direction of the price.
A successful bounce above the 1.34000 zone will see the price record its latest high this week which has reached a 30-month record high.
The latest high level will be targeted up to around 1.35000 if the rise continues.
On the other hand, if it decreases after this, the nearest zone that will be approached is at 1.33000 first with the expectation that there will be an interesting reaction for the display price.
If it breaks lower down, the bearish signal for the price will push expectations for the 1.32000 zone to be headed.
