The upward price pattern on the GBP/USD currency pair chart from the beginning of the week appeared to be stalled in trading yesterday Thursday around the 1.29000 zone.
After rising for 3 consecutive days, the price failed to continue the pattern as the US dollar began to weaken.
President Donald Trump once again suspended tariffs on Mexico and Canada after several days of tariffs resuming in early March.
In addition to following the developments in current issues in the market, investors are also cautiously awaiting the United States (US) NFP employment report to be published in the New York session tonight.
On the observed GBP/USD chart, although the rise has stalled, the price has not yet shown signs of declining.
The price remains above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart, which shows a bullish signal.
The price movement is slowly moving below the 1.29000 level to continue trading in the Asian session this morning (Friday).
If the price manages to show a surge above 1.29000, a new high will be recorded with the next target heading towards around 1.30000.
However, investors need to be wary of risks such as profit-taking activities at the end of the week which could change the direction of the current price movement.
If the price plunges from the 1.29000 zone and breaks through the MA50 support, it will be an early signal to investors for a bearish trend to begin.
The initial decline in price will focus on several important zones previously, including 1.28000 and 1.27000.
