The bullish price pattern on the chart of the GBP/USD currency pair was still successfully maintained at the opening trade of the beginning of the week yesterday.
The pound moved well in the Asian and European sessions before the US dollar began to show strengthening continuing trading in the New York session.
In addition to the inflation data of the United States (US), the policy meeting of the central bank of England (BOE) will also be awaited by investors who will influence the movement of the two currencies.
The price rally managed to reach a recent high around 1.26680 to record the highest price in a 1-year trading period.
Then the price has decreased again and resumed trading in the Asian session this morning (Tuesday), the price is hovering again in the 1.26000 zone.
The price movement that has been below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart makes investors wary as an early signal of a possible decline.
If the surge occurs again from the 1.26000 zone, the high level reached yesterday is likely to be overcome before the latest record is set again.
The target for the continued increase will be towards 1.27000 or higher.
However, if the decline in price breaks through the 1.26000 zone today with the addition of a clearer bearish signal, the price can return to the previous support zone at 1.25000.
In fact, the continued bearish movement of the price could push the decline to reach around 1.24000.
