A similar movement pattern was exhibited by the price on the chart of the GBP/USD currency pair at the beginning of the week yesterday as last Friday.
The price increase displayed is again seen limited at the resistance level of 1.30000 seeing the price that tested it back down again.
Analysts have yet to see clear signs to support the Pound's rise, while the movement of the US dollar remained lackluster on Monday yesterday.
It showed no further decline, but the king of currencies failed to break through to continue its strengthening streak that has been maintained for 4 consecutive weeks.
Investors are looking forward to some economic data from the United States (US) to be published in the New York session tonight which is expected to drive the direction movement more clearly.
After retreating from the 1.30000 level yesterday, the price on the GBP/USD chart closed the New York session trading near 1.29700 and slowly continued trading around that in the Asian session this morning.
The price movement hovering around the Moving Average 50 (MA50) line on the 1-hour time frame on the chart also has yet to show the real direction and makes investors cautious.
If the price drops lower after this, the support zone at 1.29000 which was close to last week's drop, will be close to the price again.
A break below that support would mark the price's latest low for the 11-week trading period.
On the other hand, if the price is still trying to make an increase, the resistance at 1.30000 will continue to be tested to be broken.
After success, the bullish signal will be clearer and push expectations to move to a higher target around 1.31000.
