The GBP/USD currency pair chart has reached the target at 1.30000 and recorded a new 4-month high.
From the early opening of last week, the price was seen to show an increase but seemed to struggle to go higher when it stalled at the 1.30000 resistance.
The upward price pattern is expected to continue as the US dollar remains weak until this week.
Concerns about a recession in the United States (US) due to the tariff war issue continue to put pressure on the major currency.
Investors are now awaiting the results of the FOMC meeting and the Bank of England (BOE) policy meeting which will influence the movement of both the US dollar and the Pound.
The price movement that is still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart maintains a bullish signal.
Continuing trading in the Asian session this Wednesday morning, the price is slowly hovering around the 1.3000 level with expectations of price increases to continue in the following sessions.
After breaking through the 1.30000 resistance, the price will record a new high this week with the target moving around 1.31000.
On the other hand, if the price fails to break through the resistance, the price decline could occur again and move down below the MA50 support level.
Next, the price will approach the current support zone again at a price around 1.29000.
