The price chart of the GBP/USD currency pair at the end of last week was watched by investors after giving early signs of a change in the price trend.
On Friday, the price began to show an increase from the Asian session to the European session by almost touching the 1.24000 level which is seen as a resistance for the price.
But failed to touch it, prices fell again in the New York session when the personal expenditure index data of United States (US) consumers came out with increased figures, strengthening the US dollar while simultaneously pushing prices down.
The price hovered again at the Moving Average 50 (MA50) line on the 1-hour time frame on the GBP/USD chart and closed the trade in the last session around 1.23500.
The price support zone remains at 1.23000 which has not been broken by the price and will be tested this week if the price continues to be pushed down.
Investors are now awaiting the impact of price movements after the US debt ceiling agreement was successfully reached last Sunday.
However, a more obvious impact is likely not to be observed at the beginning of this week with most banks still closed including in the UK and US.
In anticipation of a continued downward price movement on the GBP/USD chart this week, the price will break through the 1.23000 support before recording the latest 10-week low.
The latest price target will move to around 1.22000 which was previously also the price focus zone during last March's trading.
On the other hand if the price soars, the resistance at 1.24000 will be tested again this week and is expected to be broken.
The next rise will be towards around 1.25000 with a bullish trend signal that has changed from the previous weeks pattern.
