The price chart of the GBP/USD currency pair at the opening of the week yesterday was positive, showing an increase in the value of the Pound against the US dollar.
Investors will now look forward to the release of the UK employment data report at the start of the European session later this evening which is seen to influence the current movement of the Pound.
The 80 pips jump in the price yesterday is seen to be more driven by the re-decreasing factor of the US dollar which failed to continue strengthening like last week.
Also manufacturing survey data in New York registered a declining reading, giving a bleak picture of business health.
Thus, the price on the GBP/USD chart which started at around 1.24500 has managed to rise and break through the 1.25000 level before reaching the height of 1.25300.
The rise has crossed the MA50 barrier which triggered early expectations for a change to a more bullish move.
But it is too early for investors to determine a clear direction while waiting for the UK jobs report to be published to digest.
If the price jumps higher, the increase will approach the concentration level at 1.26000 and will show an interesting reaction around it.
The increase that is still successful will continue to pass again the height reached last week which almost touched 1.27000.
On the other hand, if the price plunges back below the 1.25000 level, it is likely that the decline will continue again as it was displayed at the end of last week.
The drop in price that passed the 1.24500 level, which was the opening level at the beginning of the week, is seen to be heading around 1.24000 to test the support level.
A move lower would expect the price to reach the 1.23000 level.
