The price movement on the chart of the GBP/USD currency pair remained flat below the resistance zone of 1.3200-1.31700 after the price tested it on Wednesday and Thursday trading yesterday.
The horizontal movement of prices towards the weekend was driven by the vigilance of investors awaiting the release of the US NFP employment data report for March in tonight’s New York session.
The absence of key UK economic data also failed to inject a strengthening of the Pound in this week’s trading although central bank fundamental factors were previously seen to support the Pound’s movement in the market.
Now investors are waiting for a clearer indication for the direction of price movement on the GBP/USD chart that is likely to be obtained after the NFP report is published.
The support level of Moving Average 50 (MA50) on the 1 -hour time frame is seen to support the price to move up, but the rise only reached the level of 1.31700 in the SBR zone (support become resistance).
If the higher rise manages to break the SBR zone of 1.31700-1.3200, investors are more optimistic for the price to move in a bullish trend again towards the resistance zone at 1.33000.
Yet a slight decline in this morning’s Asian session below the MA50 level made investors wary for early signals of a bearish trend.
A price that falls below the level of 1.31000 will give a clearer signal to continue the decline towards the support zone at 1.3000.
A drop in prices is imminent if the NFP jobs report published soon gives support to the strengthening US dollar.
