Price movement on the GBP/USD currency pair chart is seen to remain flat in a range of less than 100 pips throughout this week.
Price is seen to have stalled below the 1.28000 resistance level with the level around 1.27000 seen as a support zone for price.
The United States (US) inflation data that was the focus of the New York session yesterday also failed to push price out of the sideways zone.
Price showed a decline in the European session yesterday towards 1.27000 before a price rebound to the 1.27800 level ahead of the data being published.
After reviewing the inflation data, the US dollar showed renewed strength and again pressured prices down before the New York session ended at around 1.27500.
Continuing trading in the Asian session this morning (Thursday), prices rose slightly at the opening of the session before slowly leveling off around 1.27700.
The price action that is playing again above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart is an early signal for a possible bullish move to occur.
However, to convince investors, the price needs to first rise above the resistance zone at 1.28000 which is still a price barrier.
If successful, the price will aim to reach 1.29000 and record a new 4-week high.
However, if the price dips lower, the support at 1.27000 is likely to be tested by the price as it was focused on last week.
For further declines if continued, it is seen that it can reach around 1.26000.
