The factor of the depreciation of the US dollar on Wednesday's trading last night also gave room for prices to increase on the chart of the GBP/USD currency pair which gave an early signal for a change in trend.
Economic data from the United States (US) published in the New York session overnight boosted the dismal performance of the US dollar after reading the ADP jobs report and the fourth quarter of US economic growth, somewhat disappointing.
But investors may also be wary of waiting for Friday's US NFP jobs report before assessing further price moves especially for the US dollar.
On the overnight GBP/USD chart, the price once again moved above the 1.31000 level before the advance retested the 1.31700-1.32000 resistance zone with a daily gain of around 90 pips recorded.
However, after testing this zone, the price then reverted back to the end of the New York session to the level around 1.31300 and continued flat into the Asian session this morning (Thursday).
The investors did not reject the hint for a bullish trend change after the price moved above the 50 Moving Average (MA50) support level on the 1 hour timeframe on the original GBP/USD chart.
If the level remains supportive for price gains, the 1.32000 resistance zone will continue to be tested for further gains.
Breaking the increase in this zone will encourage the movement of the bullish trend of the price to go to the resistance zone at the high of 1.33000 which was the focus last week.
On the other hand, if the price agrees to shrink lower initially below the level of 1.31000, the analyst will continue to see the price decline target to reach the support zone at 1.3000.
