The GBP/USD currency pair chart has recorded a new 4-week high as the rise continued yesterday to surpass last week's level.
The price managed to maintain the bullish pattern from last Monday until the European session on Wednesday with the US dollar remaining traded gloomy.
The market's focus today (Thursday) will be on the outcome of the Bank of England's policy meeting which will drive the movement of the Pound currency.
The Bank of England (BOE) is expected to lower interest rates by 25 basis points from 4.75% to 4.50%.
In addition to the MPC members' vote, the market will also be examining the tone of the governor's follow-up statement for further monetary policy direction.
The price increase on the GBP/USD chart in the European session yesterday reached a high of 1.25500 before retreating down and closing the New York session trading around the 1.25000 level.
The price is still trading around 1.25000 in the Asian session this morning (Thursday) as it continues to trade above the Moving Average 50 (MA50) support line on the 1-hour chart.
If the bullish pattern continues, the price will surpass yesterday's level before recording new highs again for this week.
The target for a higher increase is towards the focus zone at 1.26000 which was the focus of last December's trading.
On the other hand, if the price declines below the MA50 support, it will be a bearish signal for investors to be wary of a change in direction.
The price will fall back towards around 1.23000 before extending to the next focus at the 1.23000 zone.
