More horizontal price movements have been shown on the GBP/USD currency chart Thursday with a price drop signal being observed.
On Wednesday, prices reached the level of 1.29800 after continuing the increase in the increase last week, but the height of 1.30000 was still unable to reach the horizontal price and slightly decreased yesterday.
Price movements hovering over the Moving Average 50 (MA50) line in the 1 -hour frame at the New York session until the Asian session this morning (Friday) was observed for further price directions.
In addition to economic data and current issues in the market affecting price movements, analysts warn of risk activities to encourage price reversal in the final sessions of this week.
For the pound currency, investors will be watching the UK economic growth data that will be published in the European session shortly.
If supporting the pound to strengthen, prices on the GBP/USD chart may resume the previous increase with the target to head to the 1.30000 zone.
If the zone is successfully penetrated, the price will record the new height of 5 months with the target shift to 1.31000.
Meanwhile, for expectations in the event of a decline, the closest support level at 1.29000 will be tested.
Failure to raise prices up again, lower decline will be displayed to the previous focus zone around 1.28000.
