After the bearish pattern was successfully maintained on the chart of the GBP/USD currency pair last week, the price is seen to be relatively flat below the 1.25000 zone at the end of the week.
Increasingly risky for the Pound, investors will be looking at UK jobs and economic growth data to be published this week.
The two data are important indicators for the setting of the central bank's monetary policy at the meeting that will take place next week.
United States (US) inflation data will be the main focus this week and if the US dollar remains strong, the value of the Pound is at risk of being dragged lower.
The lowest level reached last week on the GBP/USD chart was around 1.24500 which was the closing price level in the last trading session.
Continuing the opening earlier this week, the price traded slightly higher again towards the 1.25000 level which is the closest resistance to be tested.
The initial bullish pattern that crossed the Moving Average 50 (MA5) barrier on the 1-hour time frame on the GBP/USD chart gives an early indication that the price direction may have changed compared to last week.
The price increase if successful continues is seen to lead to the 1.26000 concentration zone for a more clear bullish movement.
But if the price bounces back below the 1.25000 zone again, last week's low is likely to be surpassed for a new record price.
The target for the next price drop is towards the concentration zone at 1.24000.
