The GBP/USD currency pair chart on Monday moved in a range of around 70-80 pips with last week's bullish pattern failing to continue.
Several attempts at price in different sessions failed to break through the 1.29400 level which was also tested in trading at the end of last week, remaining a resistance for the price.
After an attempt at price increases in the European session also failed to break through, the price was seen to fall again in the following session to below the 1.29000 zone.
This triggered an early signal for a change in price trend, but clearer indications are still being observed for the price drop to begin.
Price movement has been below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the GBP/USD chart for a bearish signal, but the price is still hovering below 1.29000 in the Asian session this morning (Tuesday).
If it fails to show an increase above the 1.29000 level again, it is likely that the price will start its downward pattern.
The closest target for the price to be targeted for the initial decline is the 1.28000 zone before extending to the 1.27000 focus zone.
However, if the price manages to bounce back to continue the bullish pattern of last week, the price increase will surpass the current resistance of 1.29400.
Next, the latest 4-month high will be recorded with the next target at 1.30000 to be achieved.
