The price movement on the chart of the GBP/USD currency pair on Wednesday's trading yesterday was more flat and was not seen to continue the surge pattern displayed last Tuesday.
Previously, the US dollar experienced a significant decline after data on the activity of the United States (US) economic sector showed a declining reading in April.
The US dollar however performed well yesterday as market concerns for the currency king turned more gloomy.
Investors are likely to look forward to a clearer indication on the data that is the focus of the Federal Reserve (Fed) in the New York session tonight, which is the Gross Domestic Product (GDP) for the first quarter of 2024.
This is expected to impact the price movement more significantly towards the end of the week.
Through the GBP/USD chart, a change in the price pattern has been displayed since last Tuesday as the price made a comeback after the fall at the beginning of the week touching a low of 1.23000.
The price advance has crossed the 1.24000 level and until Wednesday's trade yesterday, the price was stuck at the height of 1.24700.
Price movement remained slow in that area during the Asian trading session this morning (Thursday).
A price that remains above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart remains a bullish signal.
The move higher is expected to continue for the price to test the resistance level at 1.25000 which was tested in the previous week's trade.
Passing that resistance, the price will head towards the next target which is at 1.26000 and 1.27000.
However, if the pattern of increase does not occur, the price is at risk of experiencing a decrease down again.
The expected price movement that drops below 1.24000 again is likely to return to support 1.23000.
