The bullish pattern was successfully maintained on the chart of the GBP/USD currency pair as it continued trading until the end of last week.
In contrast to the rather gloomy Euro, the Pound currency managed to maintain its rate of increase in value which took advantage of the gloomy movement of the US dollar.
Although there was a momentary drop in prices on Wednesday, prices started to rise again and continued until Friday.
The latest high was successfully recorded reaching the target zone of 1.26000 and an attractive price reaction was observed around that.
The price surge continued in the last session of last week up to the level of 1.26000, then the price started to slow down and level off at that level until the session ended.
The price still remained flat slowly at the level of 1.26000 continuing trading at the beginning of the Asian session this morning (Monday) but was judged to remain moving in a bullish trend.
This is because the price is still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart with the expectation that the increase will continue this week.
Investors are waiting for the surge to continue from the 1.26000 level to continue to record the latest high level again.
The latest 13-week high is expected to reach the price target at the 1.27000 concentration zone.
But if the situation is different, investors need to be prepared for the price to fall again and evaluate the signs of a change in trend.
A break below the MA50 support will be an early signal before the price declines again testing the 1.25000 level.
The bearish movement will be more clearly shown after passing the 1.25000 level with the expectation to head around 1.24000.
