The bullish pattern continues on the GBP/USD currency pair chart until yesterday Wednesday, when it reached a new high.
In the Asian session yesterday, the price retreated down to around 1.29200 before continuing to rise in the following sessions and reaching a high of around 1.29800.
There are still no signs of a change in price direction with the US dollar's continued gloomy performance prompting the price increase to continue.
Yesterday's US inflation report followed last week's jobs report which gave a gloomy picture for the current US economy.
With the pressure of the tariff war that could affect the growth of the world's largest economy, the US dollar is expected to remain weak and lift the price on the GBP/USD chart.
The price also remains above the Moving Average 50 (MA50) support line on the 1-hour timeframe for a bullish signal.
Slowing down around 1.29600 in the Asian session this morning (Thursday), the price is expected to continue rising to a higher level, surpassing yesterday's trading.
The target is to test the 1.30000 zone as the nearest focus zone to be targeted while continuing to record the latest 4-month high.
However, if the price drops below the MA50 line, there is a possibility that the price direction will change to the downside.
The support level at 1.29000 will be tested to curb the price fall and push the price up again.
If not successful, the price will plunge towards the 1.28000 zone as the initial target and risk falling even lower.
