The price movement on the chart of the GBP/USD currency pair yesterday showed an increase in the Asian session, but there was a price plunge again in the New York session.
The upside is seen once again stranded at the 1.27000 resistance level as tested last week.
The reaction of the surge in prices testing the level occurred when the ISM survey data of the United States (US) manufacturing sector was published in the New York session yesterday.
However, once it tested that resistance, the price plunged back to levels around 1.26400 before the price movement started to slow towards the end of the session.
Triggering a bearish signal for the price when it drops below the Moving Average 50 (MA50) line on the 1-hour time frame on the GBP/USD chart.
Price movement also slowed below the MA50 barrier line in the Asian session this morning (Tuesday).
If a lower drop occurs after this, the price target is seen to head towards the support zone at 1.26000.
However, it will be a signal for an upward movement for the price again if it crosses the MA50 barrier again.
Next, the price will try to once again test the resistance level of 1.27000 which is still thick to pass since last week until yesterday.
Once the price successfully breaks through the resistance, a higher increase will expect the price to go up to around 1.28000.
