From the beginning of the week until yesterday, the price jump on the GBP/USD currency pair chart managed to record more than 300 pips.
The price increase has continued to be driven by the weak performance of the US dollar at the opening of trading in March as concerns remain focused on the increasingly heated tariff war issue.
The expected tariff retaliation from countries imposed by President Donald Trump will pose a threat to the United States (US) economy.
In addition, the ADP employment data published in the New York session yesterday showed the lowest increase in private employment in America in 7 months.
This gives a bad picture ahead of the NFP employment report that will be the focus at the end of this week.
Examining the GBP/USD chart, which managed to rise from the 1.27000 zone last Tuesday, it has surpassed the important 1.28000 zone yesterday Wednesday.
Next, it is seen that the price reached a height of 1.29000 while continuing to trade until the end of the New York session.
The horizontal price movement at that height continues trading in the Asian session this morning (Thursday) with a tendency for the increase to continue.
If the momentum is successfully maintained, the price will rise higher with the next target at 1.30000.
The last time the price traded around that was in early November 2024.
Meanwhile, for the expectation of a decline if the price changes direction, from the 1.29000 level the price will drop to test the nearest 1.28000 zone.
Continuing the decline further, the 1.27000 zone will be tested and an attractive price reaction is expected to be shown.
