The price movement on the chart of the GBP/USD currency pair is still in the horizontal zone as it was a few weeks ago, when it started trading in early 2023.
The price is still moving in the resistance range of 1.2100 and support of 1.2000 while investors await further indications of the direction of movement.
The horizontal movement at the beginning of this week is still expected to continue until the ISM survey data of the manufacturing sector in the United States (US) is published on Wednesday.
Next, the US NFP employment data report will be the main focus at the end of this week and is expected to impact price movements, especially for the US dollar.
The absence of important economic data in the UK this week will make for a passive movement for the Pound against the US dollar.
When the price started trading at the resistance level of 1.2100 in the Asian session yesterday morning, the price decline pattern was displayed again until the price was flat in the New York session around 1.20400.
Continuing trading in the Asian session this morning (Tuesday), the price slightly increased and is seen heading back to the 1.2100 zone.
If the resistance zone is successfully broken this week, the price will give a clearer sign to start a bullish trend with the next target being at the 1.2200 zone.
On the other hand, if the price plunges again, the 1.2000 support zone will continue to be tested as in the previous weeks.
If the price rebound does not happen, the price that manages to break through the zone will record the latest 6-week low with the 1.18800 level being the focus of the continued decline.
