The price movement on the chart of the GBP/USD currency pair is seen to remain flat in the range of around 50-70 pips for this week's trading as the closing week for March 2024.
There are price fluctuations in the market as investors react to indications of central bank monetary policy and published economic data.
Supporting the strengthening of the US dollar, Federal Reserve (Fed) official Christopher Waller delivered a hawkish statement suggesting that tight monetary policy should continue for a longer period.
UK economic growth data published in the European session yesterday saw the reading remain unchanged as the previous figures, but the latest and last reading for economic growth in the fourth quarter of 2023 for the United States (US) recorded an increase.
However, the US dollar failed to continue strengthening in the New York session after moving strongly in the previous session.
On the GBP/USD chart, the price is seen to remain hovering above the 1.26000 zone since the price started trading around that area at the opening of the week.
On Thursday yesterday, the price pushed down to break through 1.26000 but bounced back to reach the 1.26500 level.
The price then pulled back to close the New York session around the 1.26200 level and hovered around the 1-hour Moving Average 50 (MA50) barrier line on the GBP/USD chart.
The direction of price movement is not yet clear but in the event of a decline, the 1.26000 level will continue to be tested to be broken through again.
If successful, a bearish movement pattern will be displayed with a lower price target to reach 1.25000.
On the other hand, if the price manages to show a higher rebound in the last sessions of this week, the price increase will be expected to reach the concentration level of 1.27000 which is in the important zone.
