The price chart of the GBP/USD currency pair on Thursday yesterday was seen to continue its rising price pattern, however, the momentum displayed was slower than on Wednesday.
When the US consumer inflation data was published, the price had jumped from the 1.24000 level until it almost touched the 1.25000 level.
Yesterday, the price crossed the 1.25000 level and reached the latest high at around 1.25350, surpassing the height reached last week.
The rising pattern continued following the US dollar still moving weakly, in addition to the US producer inflation data (PPI) was also published gloomy in the New York session yesterday.
With the expectation of the Federal Reserve (Fed) getting closer to ending its policy tightening measures, the US dollar is expected to remain weak and open room for prices to continue rising higher until the following week.
The price movement remains in a bullish trend that is above the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart.
However, investors need to be more alert for price changes at the end of the week with the possibility of profit taking or other factors.
If the price continues to rise at the end of this week, the target is for the price to reach around 1.26000.
A continued rise would set a new 10-month high.
On the other hand, if the price reverses to make a decline again, the 1.25000 level, which was previously a resistance for the price, will be tested again.
If it fails to support the price rebound, a further decline could occur for the price to reach the previous support level of 1.24000.
